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IKang shareholder group rejects Jack Ma's bid to take the company private

IKang Healthcare Group Inc. said a group of its shareholders has objected to the company's going private transaction.

The Beijing-based medical services provider is being acquired by private equity firm Boyu Capital Fund III LP and two affiliates of Chinese billionaire Jack Ma for $41.20 per common share or $20.60 for every American depositary stock acquired.

Certain shareholders of class A common stock, representing approximately 18.33% of the total issued and outstanding shares of iKang, have served the company with objection notices.

Certain iKang American depositary shareholders have also served objection notices to the company and have requested to convert their ADS into class A common shares.

Upon conversion of the ADSs, the objecting group with class A shares will collectively hold about 32.37% of the total issued and outstanding shares of the company.

The merger agreement requires less than 15% shareholder objection, a closing condition no longer being met.

IKang Healthcare's board is holding an extraordinary general meeting of shareholders Aug. 20 and has recommended its shareholders vote in favor of the deal.