Bona Film Group Ltd., a Chinese movie-maker backed by billionaire Guo Guangchang, received a preliminary “going private” offer from its top executives, adding to a growing number of U.S.-listed Chinese companies getting buyouts.
Founder and Chairman Yu Dong, Sequoia Capital China I LP, and Fosun International Ltd. made the offer at $13.70 in cash for each American depositary share, according to a PR Newswire statement on Friday. That’s about a 24 percent premium to the average closing price over the past 30 days, the company said.
U.S.-listed Chinese companies., from game developers to medical device makers, are seeking to go private as an almost 150 percent stock rally over the past year in China has boosted valuations of their mainland-listed peers. More than 15 firms have said this year that they have received buyout offers, according to data compiled by Bloomberg.
Earlier this week, Homeinns Hotel Group, China’s biggest budget hotel chain, Renren Inc., a social-networking site, and 21Vianet Group Inc., a Beijing-based operator of data centers, said they received such offers.
Bona ADSs fell 0.5 percent to $12.80 at 12:04 in New York on Friday. The stock has surged 81 percent this year, against a 6.7 percent gain in the Nasdaq Composite index.
The company’s board intends to form a special committee consisting of independent directors to consider the non-binding proposal, according to the statement.
Fosun International is a unit of China’s biggest conglomerate, Fosun Group, which is owned by billionaire Guo. It owns a 22.6 percent stake in Bona, according to data compiled by Bloomberg.