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

Sheng Huang, Xiayan Huang, Yuan Meng

Research output: Other contributionCase Studies


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.
Original languageEnglish
Number of pages7
Publication statusPublished - 15 May 2023

Case number


Case normative number


Case type

Field Case

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Published by

China Europe International Business School


  • Acquisition
  • Large Shareholder
  • Merger and Acquisition (M&A)
  • Stakeholder
  • anti takeover
  • barbarian
  • integration
  • minority shareholders
  • offer
  • tender offer

Case studies discipline

  • Operations & Management Science
  • General Management
  • Strategy

Case studies industry

  • Finance and Insurance
  • Health Care Services


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