Chinese biotech services provider ShangPharma Corp. said Friday, July 6, that its board is evaluating a take-private bid from chairman and CEO Michael Xin Hui and U.S. private equity firm TPG Capital that values the company at between $157.5 million and $176 million. Hui, a co-founder and 54% owner of the Shanghai concern, and TPG Star Charisma Ltd., an affiliate of 11% stakeholder TPG, made a nonbinding offer to pay between $8.50 and $9.50 per share in cash per American Depositary Share for the 35% of the company they don't own.
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