Tongjitang special committee to consider CEO's going-private proposal

By Lisa Kerner

Charlotte, N.C., March 18 - Tongjitang Chinese Medicines Co.'s board of directors formed a special committee to consider a proposal from company chairman and chief executive officer Xiaochun Wang and Yongcun Chen, a Tongjitang director, to take the company private.

It was previously reported that Wang and Chen want to acquire all of the company's outstanding ordinary shares for $2.55 per share and all of the outstanding American Depositary Shares for $10.20 per ADS in a scheme of arrangement transaction.

The special committee is comprised of independent directors Harry K. Genant and David Ray White, according to a company news release.

Tongjitang is a specialty pharmaceutical company located in Shenzhen, China.

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