Icahn Ambassador privatization: melt premium Yu 20% "challenge," Zhang Li

The deal is nothing more than the following three outcomes: first, successful acquisitions years health beauty love sports Ambassador, domestic private medical three-in-three to one; second, Zhang Li success just to raise its price support, but may lead to financial pressure; the third is Icahn Ambassador small shareholders are attracted to beautiful new year's health, stick with Zhang Ligang.

Reporter xiaomeili Guangzhou reported

The evening of November 29, Millenia Health announced it had joined include peace, buyer, Redwood, jointly to Icahn State Board of Directors and Special Committee issued a "non-binding preliminary offer of privatization".

19:00 of the day, beautiful new year's health for the first time in response to 21st century economic report: "early in the takeover bid, announced yesterday (November 28) to settle down. Because the deal involves two listed companies, information disclosure of our more cautious. ”

21:59, Icahn Chairman and CEO of Ambassador Zhang Ligang rapid release of the beloved person open letter, Icahn's customers and partners, and declared: "I and fountainvest privatised is determined not to have any changes, I I owned or controlled shares will not be sold to any third party. ”

10:04 on November 30, Yu, Chairman of American new year's health investment issued on tender offer Icahn Ambassador to us years of health colleagues and partners open letter echoed Zhang Ligang "competition," said one.

Since then, the private medical sector "war" there. Analysis people told reporter, according to past of case, this acquisition is nothing more than is following three a results: first, beauty years big health success acquisition love Kang Ambassador, domestic private medical three giant collection three for a, formed single level alone big of pattern; second, Zhang Li just improve acquisition price success nursing disc, but may will brings funds pressure; third is love Kang Ambassador small shareholders not was beauty years big health attract, insisted select Zhang Ligang, this is compared idealized of State.

Sniper Millenia health

Icahn Ambassador was originally a NASDAQ-listed company, with beautiful new year's health, CI Ming examination known as the private medical triumvirate.

On August 31, listed only 1 year and 5 months of Icahn Ambassador announced that the buyer group of Zhang Ligang and fountainvest partners received non-binding offer ready to 17.8 dollars/ADS buying all of the latter have not yet held shares (each ADS representing 0.5 shares), this price is higher than the average prices for August 30 9.7%, could fetch $ 1.165 billion. After the acquisition is completed, Icahn Ambassador from a public company into a private company.

However, Icahn guobin, the privatization process has been the sniper lurking beauty new year's health. Beautiful new year's health also announced in the evening of November 29, joint participation in the buyer to Icahn State Board of Directors and Special Committee issued a "privatization of non-binding initial offer" open competition and Zhang Ligang buyer groups.

The buyer intends to submit a preliminary offer private trades at $ 22/ADS or common stock $ 44 per share, the acquisition price compared to Zhang Li has just submitted to the privatization of the initial offer price premiums of about 23.6%.

Melt in an open letter Yu pointed out that long before the Icahn proposed privatization of Ambassador decides us years of healthy active Ambassador's management and Icahn communication and put forward constructive cooperation programme and has made some progress in the early stages. But nearly two months years old healthy communication has no response.

"According to regulations, we give each other tender offer notice, publication notice notice disclosure, we all went, so waited until now to disclose. We wish Ambassador's management and Icahn agree on good cooperation. "Beautiful years of health, told reporters.

Zhang Ligang does not share the US years of health, the move, calling it a "vicious competition". "In the past few months, Icahn Ambassador in the privatization process has been carried out in the normal. Icahn has the ability to maintain an independent development, and Icahn's independent development of market competition, protection of customer benefits Jue to benefit but no harm. "He said.

Medical industry professionals a source close to the deal told reporters: "now how many shares to Zhang Ligang mastered. If Zhang Ligang shares are not sufficient to maintain him in the shareholders ' meeting decision advantage, while other shareholders and years of health offer attracted by beauty, it is really likely to be acquired. ”

As of June 30, 2015, Icahn Ambassador 32.84 million common shares issued (including Zhang Li was indirectly held 805,000 shares, voting rights are a class of 15 times per share). 12.95% owned by Zhang Li, have voting rights at 34.5%.

But Millenia health buyer Member squad should not be underestimated, including Ping An Decheng, Shenzhen investment limited, Pacific States (Suzhou) capital management co, huatai Swiss fund management company limited, Beijing Haidian Kun de Investment Management Center (limited partnership) and Kai-Hui a private equity investment fund, and so on.

"This is a public offer of the company on the open market, small shareholders stock in the hands of the more valuable of course better, so Zhang Ligang will bring a great deal of public pressure. Zhang Ligang to keep decision-making powers, is likely to raise its prices, which put pressure on his capital chain. That came back to China after the privatisation, Ambassador to listed Icahn is very fragile. "These medical professionals said.

The transformation of two giant race

In early September this year, Zhang Ligang has issued an open letter, Icahn privatization of the Ambassador explained. He defined the privatization as an Ambassador with Icahn into the future, build a bigger platform decisions.

"Icahn has been exploring how IT technology combines with traditional medical services, so as to establish a ' any time, any ' new mode of access to disease prevention and health care services. "Zhang Ligang said.

Zhang Ligang love sports Ambassador for ten years at the helm, has been twice promoted Icahn Ambassador transformation. First of all, Icahn Ambassador has gone through transition from B2C to B2B Internet service model, and in 2005 created the employee one-stop outsourcing of medical services. In 2006, Icahn Ambassador began a second time, the transformation from an Internet company came to the line, has the first medical center in Beijing.

On April 22 this year, Icahn Ambassador issued a medical Express-Guide to the doctor-patient communication platform through APP officially into the mobile medical services. Zhang Ligang defines as its own "third entrepreneurial journey", which Icahn Ambassador began a third transformation.

These medical professionals believe that: "Ambassador of Icahn capital operations are even more solid. Health at Millenia merger integration, but not very good at providing valuable services chain. Ambassador make high-end Icahn out-patient, dental, in fact, is his grasp of medical quality, create their own medical brand, so low the risk quality of late. ”

Icahn presidential transition at the same time, American new year's health since last year to promote the purchase of CI Ming medical, promote the health of Millenia 3.3 billion lent Ke Jiangsu sanyou listings, and is listed at the end of August a dream.

The night of November 20, Millenia major health announcement, plans to 2.462 billion yuan of cash acquired 68.4% shares of CI Ming medical, the remaining 3.82% shares shares acquired will be sought. If it is not completed before December 31, 2016 shares, to 128 million yuan of money buying this stock, and of "intends to apply for resumption before February 29, 2016."

This means that, soon after Millenia Health Alliance CI Ming medical works will officially end. Melt Yu told reporters earlier, beautiful new year's health platform transition, cut into the mobile health, involved in the medical industry chain is only a matter of time.

Platform the premise is a lot of flow inlet, horizontal mergers and acquisitions allowed us years of healthy flux to grow quickly. At present, the millenia health with Tzu Chi ming medical examinations are medical business, mobile platforms, but will form a dislocation of complementary relationships.

"Two platforms vary in direction and focus. CI Ming Medical focus more on screening, population-based solutions, focused on the solution of the port. Beautiful new year's health will focus more on health risk assessment based on disease management. CI Ming reached a tacit understanding with us is that background get through to each other, sharing resources, future is integrated into a larger platform. "Melt Yu revealed.

In the transformation of two private medical giant, will this sniper battle to where? Private medical industry will be staged "Grand unification" drama? 21st century economic report reporter will continue to trace.