MR Montage Resources Corporation

Mindray Medical International Ltd. said it received a reduced management buyout proposal that values the medical device maker at roughly $3.2 billion.

The latest nonbinding offer from the buyer group—which includes Mindray co-CEOs Li Xiting and Cheng Minghe and Chairman Xu Hang-- is $27 per American depositary share for the remaining stake they don't already own, down from the $30 per ADR offered in June.

Earlier this year a booming China stock market had spurred a raft of Chinese chief executives to submit proposals to take their U.S.-traded companies private, potentially with the aim of listing them in China, which at the time provided the prospect for higher valuations. But subsequent steep declines in Chinese stocks have raised some concerns about whether the deals would be completed. Also, Chinese companies with ADRs took another hit as Chinese regulators during July said China would suspend initial public offerings to help boost the market.

In the case of Mindray, the company's ADRs, which rose 25% on the initial buyout proposal in June, have declined 21% since then.

Late last month, The Wall Street Journal reported that the investor group offering to buy out Internet-services provider Qihoo 360 Technology Co. was considering cutting its $9 billion bid after China's stock-market rout lowered valuations. The proposed buyout would be the largest take-private deal for a U.S.-listed Chinese company.

Some of the deals, however, have been making progress toward completion. WuXi PharmaTech (Cayman) Inc. signed a definitive agreement with investors Aug. 14 to go private, moving the $3.3 billion buyout deal one step closer to completion.

Write to Tess Stynes at tess.stynes@wsj.com

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(END) Dow Jones Newswires

September 10, 2015 10:25 ET (14:25 GMT)

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