WuXi PharmaTech (Cayman) Inc. (WX) announced Thursday morning that its Board of Directors that it received a proposal letter from a consortium to acquire all of the outstanding shares of the company that it does not already own for $46.00 in cash per ADS, or $5.75 in cash per ordinary share. The consortium is led by Dr. Ge Li, the company's founder, Chairman and CEO.
WuXi PharmaTech gapped open sharply higher Thursday, but gave back some ground during the second half of the morning. Shares finished with a gain of 3.67 at $43.17 on above average volume. The stock jumped to a new high for the year.
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