HONG KONG, March 2, 2021 — On March 2, 2021, Global Cord Blood Corporation (GCBC) announced that it received a non-binding proposal letter from Alternate Ocean Investment Company Limited (“Alternate Ocean”), a wholly-owned subsidiary of Haitong International Securities Group Limited.
The proposal letter offers for Alternate Ocean, acting on behalf of certain funds and entities that it manages or advises, to acquire all of the outstanding ordinary shares of GCBC for US$5.00 per ordinary share in cash.
Global Cord Blood shares ended the trading day at $4.32 on March 1, 2021, making Alternate Ocean’s acquisition offer a 16% premium to its closing price. By market open on March 2nd, CO jumped to $4.73 per share, representing a 9.4% increase. Global Cord Blood Corporation (GCBC) is a publicly listed company on the New York Stock Exchange (NYSE) with the ticker symbol “CO”.
As stated by GCBC, “Consistent with its fiduciary responsibilities, the Board will carefully review the unsolicited proposal to determine the course of action it believes is in the best interests of the Company and its shareholders and other stakeholders. GCBC shareholders need take no action at this time.”
Global Cord Blood Corporation (GCBC) is the first and largest cord blood banking company in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses. It is a life sciences company storing newborn umbilical cord blood stem cells on behalf of patients for both public and private use.
Global Cord Blood Corporation is also one of the founders of the highly recognized non-profit organization, AsiaCORD (Asia Cord Blood Bank) Organization. Its services include: cord blood collection, cord blood processing, laboratory testing and cord blood preservation.
To learn details, view the full announcement here.