From Earlier: Oppenheimer Holdings Moves ShangPharma to Not Rated, Removes PT

In a report published Friday morning, Oppenheimer Holdings moved its rating on ShangPharma Corporation SHP from Outperform to Not Rated, as well as removing its $14.00 price target, on the company CEO's proposal letter to acquire all outstanding shares of the company. In the report, Oppenheimer stated, “SHP announced today that it received a non-binding going-private proposal from Chairman/CEO Michael Xin Hui and TPG Star Charisma Limited at $8.50-$9.50 per share. Chairman/CEO and TPG currently own 54% and 11% of SHP, respectively. We estimate approximately $55M-$61.5M is needed to finance the deal, which is expected to be done through a combination of debt and equity.” Shares of ShangPharma were trading at $8.03 at the time of posting, up 16.72% from Thursday's market close.