GTH - China's Genetron gets acquisition offer from co-founder/CEO

• Genetron ( NASDAQ: GTH ) said it received a preliminary non-binding proposal from its Co-founder, Chairman and CEO Sizhen Wang to acquire the company for US$0.272 per ordinary share or US$1.36 per ADS in cash.
• Wang intends to fund the proposed transaction via a combination of debt and equity capital.
• Equity financing is expected to be provided in the form of rollover equity in Genetron and cash contributions from Wang and third party sponsors, the Beijing-based company said in an Aug. 22 press release.
• Genetron said its board has formed a special committee consisting of two independent directors, Wing Kee Lau and Dian Kang, to evaluate and consider the proposal and other potential strategic alternatives which the company may pursue.
• The company, however, added that there can be no assurance that any definitive offer will be received or any definitive agreement will be executed relating to the proposed transaction, among other things.
• GTH +1.69% to $1.20 premarket Aug. 22

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