ZUIG's Tender Offer Takeover of Zhenxing Biochem (B): Barbarians Enter the Gate

Supplement to ZUIG's Tender Offer Takeover of Zhenxing Biochem (A): Barbarians at the Gate. In Case (B), a fierce battle broke out between ZUIG and KAISA for control of Zhenxing Biochem after the successful tender offer. Eventually, an agreement was reached, and ZUIG gained control of the company. Under ZUIG's governance, Zhenxing Biochem embarked on a new phase of development through strategic partnerships, asset restructuring, and other initiatives. This case study provides a comprehensive overview of the target company's development before the tender offer, the complex tender offer and anti-takeover measures, and the challenging integration process that followed. The entire process was characterized by ups and downs, making it a classic example of a hostile takeover that provides valuable lessons for all market participants.