On Wednesday last week, PRC-based China Medstar Ltd. and British Virgin Islands company Ascendium Group Ltd. reached an agreement concerning the terms of Ascendium’s recommended offer to purchase Medstar for 62 pence per share in cash. The price represents a premium of about 96.8% to Medstar stock’s closing price on May 1, and its value is about 17 mln pounds. It was also said that the BVI company has acceptances for 79.35% of China Medstar.
The BVI-based Ascendum is held by Concord Medical Services Holding Ltd., for purposes of making acquisitions and investments in the Chinese medical equipment market.