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Tongjitang Slides After Buyout Offer Withdrawn

Posted on July 01, 2008

Tongjitang Chinese Medicines Company (NYSE: TCM) reported that the offer to buy the company has been withdrawn. The offer was made by Tongjitang s Chairman and CEO, Mr. Xiaochun Wang, and a director, Mr. Yongcun Chen, who proposed buying the company at a price of $10.20 per ADS (or $2.55 per ordinary share). No reason was given for the withdrawal of the offer. The shares of Tongjitang Chinese Medicines responded by giving up almost one-third of their value. In mid-session trading, TCM was down $2.22 at $4.45, a 32% decline. The price was volatile Monday, trading between $3.80 and $5.30. Th...

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