Pursuits
China's IKang Rises to Seven-Month High as Bidding War Heats Up
- Competitor's parent Jiangsu Sanyou boosts offer to $25/ADS
- IKang chairman adds Alibaba, others to rival investor group
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China’s iKang Healthcare Group Inc. rose to a seven-month high after a competitor’s parent raised its offering price, fueling a bidding war between two groups that want to delist it from U.S. exchanges and sell the shares back home.
American depositary receipts of iKang rose 3.2 percent to $21.61 on Wednesday in New York, the highest since June 4, after Jiangsu Sanyou Group Co. offered $25 per ADR to take it private, a first step toward listing the shares in China. Almost 40 Chinese companies announced privatization offers worth a record $37 billion last year as investors and executives seek to shift listings to the mainland, where valuations are higher.