Mindray Medical To Be Taken Private In $3.3 Bln Deal - Quick Facts

(RTTNews) - Chinese medical device maker Mindray Medical International Ltd. (MR) said it has agreed to be acquired by Excelsior Union Limited in a transaction that values the company at about $3.3 billion.

Excelsior Union will acquire the company for cash consideration equal to $28.0 per ordinary share of the company, or $28.0 per American Depositary Share, each representing one share.

This price represents a premium of 1.9 percent over the company's closing price of $27.47 per ADS on June 3, 2015, the last trading day prior to June 4, 2015, the date that Mindray Medical announced it had received a "going private" proposal. The merger is currently expected to close during the first quarter of 2016.

Immediately after the completion of the transactions contemplated by the merger agreement, Excelsior Union will be beneficially owned by Li Xiting, the executive chairman of the board of directors of the Mindray Medical, president and co-chief executive officer of the company, Xu Hang, the chairman of the Board, and Cheng Minghe, the co-chief executive officer and chief strategic officer of the company, collectively, the Buyer Group.

The members of the buyer group, currently beneficially own, in the aggregate, about 27.7 percent of the outstanding shares of the company, representing approximately 63.5 percent of the total number of votes represented by the company's outstanding shares.