China’s Mindray Completes U.S. Delisting After $1.9 Billion Deal

(Bloomberg) -- Mindray Medical International Ltd. has become the latest Chinese company to delist from an American exchange after completing a $1.9 billion privatization deal as a record wave of buyouts continues this year.

The medical device maker has merged with Solid Union Ltd., a unit of Excelsior Union Ltd. based an offering price of $28 per American depositary receipts, according to a statement. The ADRs closed at $27.94 on Thursday, the last trading day. The company first received a non-binding offer of $30 per ADR from the management to take the company private in June.

While 42 Chinese companies have received a record $39 billion offers to delist from the U.S. since the beginning of 2015, only seven have completed the process. Some investors have complained the offering prices are too low, benefiting the management teams involved in the buyouts to the detriment of equity owners.

Mindray, which sells products from life-support devices to medical imaging systems globally, debuted in the U.S. in September 2006 and its stock price reached a record $42.45 in 2013. It has slumped 34 percent since then.

To contact the reporter on this story: Bonnie Cao in New York at bcao4@bloomberg.net To contact the editors responsible for this story: Nikolaj Gammeltoft at ngammeltoft@bloomberg.net Richard Richtmyer