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Executives withdraw acquisition offer for Tongjitang

This article was originally published in Scrip

Executive Summary

Tongjitang Chinese Medicines said that an offer made by two executives to acquire the company has been withdrawn. The firm's chairman and CEO, Xiaochun Wang, and Yongcun Chen, a director, withdrew their $2.55 per share offer because of the recent deterioration of the credit market. The withdrawal means that the firm, which went public in March 2007, will remain listed in the New York stock exchange. Tongjitang, which is based in Shenzhen, China, develops and markets pharmaceuticals based on traditional Chinese medicines in China.

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