(Reuters) – Hong Kong shareholders of Shanghai Henlius Biotech on Wednesday rejected Chinese conglomerate Fosun International’s buyout offer, which would have valued the drugmaker at HK$13.37 billion ($1.72 billion).
Fosun unit Shanghai Fosun Pharmaceutical, which already holds a 59.6% stake in Henlius, had offered HK$24.60 per share in June 2024 for the remaining stake.
A requisite majority of H-class shareholders did not approve the buyout, the companies said.
“The proposed privatisation of the Company (Henlius) will not proceed and the listing of the H Shares on the Main Board of the Stock Exchange will be maintained,” they added.
Henlius shares closed 4.4% lower on Wednesday, trading at HK$17.1, their lowest level since May 2024. Fosun’s Hong Kong-listed shares dropped 1.7%.
($1 = 7.7874 Hong Kong dollars)
(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Savio D’Souza and Anil D’Silva)
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