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Tongjitang Tanks after Buyout Offer Withdrawn

publication date: Jun 30, 2008
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Tongjitang Chinese Medicines Company reported that the offer to buy the company has been withdrawn. The offer was made by Tongjitang’s Chairman and CEO, Mr. Xiaochun Wang, and a director, Mr. Yongcun Chen, who proposed buying the company at a price of $10.20 per ADS (or $2.55 per ordinary share). No reason was given for the withdrawal of the offer. The shares of Tongjitang Chinese Medicines responded by giving up almost one-third of their value. More details...

Stock Symbol: (NYSE: TCM)

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