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Billionaire Jack Ma's Yunfeng Capital, Alibaba offer to acquire iKan Healthcare

IKang Healthcare Group Inc. said it was considering a proposal by two entities owned by billionaire Jack Ma to acquire the company.

The Beijing-based healthcare services provider said it received a proposal from a consortium led by Yunfeng Capital, a private equity firm, and e-commerce giant Alibaba Group Holding Ltd. to purchase each of the company's shares for $40 each in cash.

Jack Ma is the co-founder of both Yunfeng Capital and Alibaba.

IKang had already been negotiating a so-called going private transaction with Yunfeng since June 2016. The company has yet to make a decision on the latest proposal.

Yunfeng and Alibaba's investment arm Alibaba Investment Ltd. are in discussions with certain significant shareholders of the company to gain support for the proposal.