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Tongjitang Tanks after Buyout Offer Withdrawn

publication date: Jun 30, 2008

Tongjitang Chinese Medicines Company reported that the offer to buy the company has been withdrawn.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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