Tongjitang retains Morgan Stanley Asia; special committee to consider CEO's going-private proposal

By Lisa Kerner

Charlotte, N.C., March 26 - Tongjitang Chinese Medicines Co. said the special committee of its board of directors appointed Morgan Stanley Asia Ltd. as its financial adviser.

Morgan Stanley will assist the special committee is evaluating a proposal from company chairman and chief executive officer Xiaochun Wang and Yongcun Chen, a Tongjitang director, to take the company private, a company news release said.

Members of the special committee are independent directors Dr. Harry K. Genant and David Ray White.

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

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

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