* Says CEO-owned entity to buy co for $0.82/shr
* Chief Respect to pay $0.82 per each Dragon Pharma shr
* Deal at 19 pct premium to stock's US close
March 27 (Reuters) - Canada's Dragon Pharmaceuticals Inc , a supplier of antibiotic products, said it agreed to be taken private by an entity owned by its chief executive, for 82 cents per share.
Dragon is valued at about $58 million, based on the 70.86 million shares outstanding, according to Thomson Reuters data.
The offer by Chief Respect Ltd, a Hong Kong-based firm, is at a premium of 19 percent to its Friday's closing price on the OTC Bulletin Board.
Chief Respect is a newly created entity owned by Dragon Pharma's Chief Executive Yanlin Han. Han owns about 38 percent stake in the company, Dragon said in a statement.
The merger is expected to close in the second quarter, it added.
(Reporting by Arnika Thakur in Bangalore; Editing by Gopakumar Warrier) Keywords: DRAGONPHARMA TAKEOVER/ (arnika.thakur@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arnika.thakur.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Chief Respect to pay $0.82 per each Dragon Pharma shr
* Deal at 19 pct premium to stock's US close
March 27 (Reuters) - Canada's Dragon Pharmaceuticals Inc , a supplier of antibiotic products, said it agreed to be taken private by an entity owned by its chief executive, for 82 cents per share.
Dragon is valued at about $58 million, based on the 70.86 million shares outstanding, according to Thomson Reuters data.
The offer by Chief Respect Ltd, a Hong Kong-based firm, is at a premium of 19 percent to its Friday's closing price on the OTC Bulletin Board.
Chief Respect is a newly created entity owned by Dragon Pharma's Chief Executive Yanlin Han. Han owns about 38 percent stake in the company, Dragon said in a statement.
The merger is expected to close in the second quarter, it added.
(Reporting by Arnika Thakur in Bangalore; Editing by Gopakumar Warrier) Keywords: DRAGONPHARMA TAKEOVER/ (arnika.thakur@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arnika.thakur.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.