Biosensors gets buyout offer from Citic Private Equity

BIOSENSORS International Group said on Wednesday it has received an offer from Citic Private Equity Funds Management Co for the proposed amalgamation of the group with its substantial shareholder, CB Medical Holdings.

Biosensors' board of directors is currently reviewing the offer, which was received on Oct 23, it added. But it stressed that discussions are on-going, so there is no certainty or assurance that these discussions will result in any transaction.

The China-based fund Citi Private Equity had acquired the stake in Biosensors last year from Shandong Weigao Group Medical Polymer. Talks that Citic was considering a buyout of Biosensors surfaced as early as last year. CB Medical is owned by Citic Private Equity.