LakeShore Biopharma receives non-binding acquisition proposal from Oceanpine

LakeShore Biopharma (LSB) announced that its board of directors has received a preliminary non-binding proposal letter dated August 18 from Oceanpine Investment Fund II LP and Oceanpine Capital to acquire all of the outstanding ordinary shares, par value US$0.0002 per share, of the company that are not currently owned by Oceanpine Capital in an all-cash transaction for 86c per Ordinary Share. The proposed purchase price represents a premium of 10.3% to the company’s last closing price on August 15, the last trading day prior to the date of the Proposal Letter, and a premium of 11.4% to the average closing price of the Ordinary Shares during the last 15 trading days prior to the date of the Proposal Letter. According to the Proposal Letter, Oceanpine Capital intends to fund the Proposed Transaction with rollover equity and available cash on hand, and the Proposed Transaction will not be subject to a financing condition. Oceanpine Capital has engaged White & Case LLP as its international legal advisor for the Proposed Transaction. The Board has just received the Proposal Letter and will carefully review and evaluate the proposal to determine the course of action that it believes is in the best interests of the company and its shareholders.