India, Aug. 28 -- LakeShore Biopharma Co., Ltd. (LSB) announced that its board has received a revised preliminary non-binding proposal from a consortium led by Oceanpine Capital and Crystal Peak Investment to acquire all outstanding shares not already held by the group for US$0.86 per share in cash, matching the original offer.
The consortium, which collectively owns about 52.1% of the company, has agreed to vote its shares in favor of the deal and not back competing bids.
The board has formed a special committee of independent directors, chaired by Adam Zhao, to evaluate the proposal. LakeShore Biopharma emphasized that it has not made any decision regarding its response and there is no guarantee a definitive offer, agreement, or transac...