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Billionaire Jack Ma, private equity firm reconsider iKang acquisition

Private equity firm Boyu Capital Fund III LP and two affiliates of Chinese billionaire Jack Ma are reconsidering the acquisition of iKang Healthcare Group Inc.

The buyers, which include Ma's Yunfeng Capital and Alibaba Group Holding Ltd., had proposed to acquire the Beijing-based medical services provider for $41.20 per common share, or $20.60 for every American depositary stock, in a deal that was originally announced in March.

However, over 30% of iKang's shareholders voted against the transaction which would have seen the company go private. According to a closing condition of the deal, no more than 15% of iKang's shareholders must vote against the transaction.

iKang has sought to waive the closing requirement, but the buyers have instead asked to push back the deal's termination to Oct. 31 from Sept. 26.

During this time, the buyers will consider the final percentage of dissenting shareholders among other relevant factors, including the recent business performance of the company, in determining whether to proceed with the deal.