Ascendium in agreed bid for Medstar

  • buy out for 62 pence per share in cash, values at about 17 million pounds

LONDON - China Medstar Ltd. and Ascendium Group Ltd. said on Wednesday they have reached agreement on the terms of Ascendium's recommended offer to buy out Medstar for 62 pence per share in cash, which values

The price represents a premium of about 96.8 percent to Medstar stock's closing price on May 1, and values it at about 17 million pounds. The company also said Ascendium has acceptances for 79.35 percent of Medstar.

The British Virgin Islands-based Ascendium is held by Concord Medical Services Holding Ltd. for the purposes of acquisition and investment in the Chinese medical equipment market.

(Thomson Financial)

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