Chinese drugmaker Shanghai Fosun Pharmaceutical Group Co Ltd and private equity firm TPG Capital agreed to purchase China-focused Chindex International Inc in a beefed-up $461 million deal after trumping a rival bid.The U.S.-listed healthcare firm signed a sweetened merger agreement after the consortium raised its offer to $24 per share from its original $19.50 per share, Chindex said in a statement late on Monday. An unidentified bidder had offered $23 per share in a "superior proposal" earlier this month.The rival group declined to bid further, Chindex said.The acquisition will help Fosun Pharmaceutical and TPG increase their access to China's fast-growing private healthcare market. The government is keen to promote investment in the sector to support overburdened public hospitals and bring prices down through increased competition.
Chindex International Inc. is a healthcare company. Shares of CHDX traded higher by 3.01% or $0.69/share to $23.63. In the past year, the shares have traded as low as $12.85 and as high as $23.75. On average, 111955 shares of CHDX exchange hands on a given day and today's volume is recorded at 268723.
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