SHENZHEN, China, March 31, 2011 /PRNewswire-Asia-FirstCall/ -- Tongjitang Chinese Medicines Company ("Tongjitang" or the "Company"; NYSE: TCM), announced today that, at an extraordinary general meeting held today, the Company's shareholders voted in favor of the proposal to adopt the previously disclosed Agreement and Plan of Merger, dated as of October 29, 2010, as amended on February 21, 2011 (the "Merger Agreement"), among Tongjitang, Hanmax Investment Limited ("Hanmax"), Fosun Industrial Co., Limited ("Fosun"), and Tonsun International Company Limited ("Merger Sub"), a company owned by Hanmax and Fosun, pursuant to which Merger Sub will be merged with and into Tongjitang with Tongjitang being the surviving corporation. Of the ordinary shares voted at the extraordinary general meeting, approximately 99.68% were voted in favor of the proposal to adopt the Merger Agreement.
If the merger is completed as the parties expect, Tongjitang will continue its operations as a privately-held company owned solely by Hanmax and Fosun. The parties currently expect the merger to close in April 2011.
About Tongjitang Chinese Medicines CompanyTongjitang Chinese Medicines Company, through its operating subsidiaries Guizhou Tongjitang Pharmaceutical Co., Ltd., Guizhou Long-Life Pharmaceutical Company Limited, Qinghai Pulante Pharmaceutical Co., Ltd. and Anhui Jingfang Pharmaceutical Co., Ltd., is a vertically integrated specialty pharmaceutical company focused on the development, manufacturing, marketing and selling of modernized traditional Chinese medicine in China. Tongjitang's principal executive offices are located in Shenzhen, China.
Tongjitang's flagship product, Xianling Gubao, is the leading traditional Chinese medicine for the treatment of osteoporosis in China as measured by sales in Renminbi. In addition to Xianling Gubao, the Company manufactures and markets 35 o
|SOURCE Tongjitang Chinese Medicines Company|
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