CHINA BIOLOGIC PRODUCTS HOLDINGS, INC. China Biologic Products, Inc. (NasdaqGS:CBPO) announces a share repurchase program. Under the program, the company entered into an agreement with Ms. Siu Ling Chan, an individual shareholder of the company. The company will repurchase up to 2,500,000 shares, representing 9.67% of the total common stock outstanding.
The shares will be purchased at a price of $28 per share for a total of $70 million. The repurchased shares will become treasury stock of the company upon closing of the repurchase. Pursuant to the Repurchase Agreement, a substantial portion of the repurchase price will be used as the onetime cash settlement payment under the settlement agreement.
