Cordlife says Robust Plan Limited has withdrawn its revised buyout offer for the former's China-based assets, which was proposed to be sold to Golden Meditech Holdings.
These assets include the 7.3 million ordinary shares held in China Cord Blood Corp (CCBC) and the 7% senior unsecured convertible note due 2017 issued by CCBC to Cordlife.
Cordlife says Robust Plan in a withdrawal letter "wishes to withdraw the unsolicited revised offer with immediate effect" due to a competing buyout offer made by Nanjing Xinjiekou Department Store Co. (NXDS) for all of CCBC's China business.
The letter stated that Robust Plan's revised offer will no longer be "commercially relevant" as the competing offer by NXDS has created a situation where "CCBC itself may no longer retain its core China business".
The letter also noted that the board of CCBC did not reject NXDS' offer, but a special committee of the board of CCBC and its legal and financial advisers will review and evaluate it.
Shares of Cordlife ended higher on Monday at $1.275, up 5.5 cents or 4.5%.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
These assets include the 7.3 million ordinary shares held in China Cord Blood Corp (CCBC) and the 7% senior unsecured convertible note due 2017 issued by CCBC to Cordlife.
Cordlife says Robust Plan in a withdrawal letter "wishes to withdraw the unsolicited revised offer with immediate effect" due to a competing buyout offer made by Nanjing Xinjiekou Department Store Co. (NXDS) for all of CCBC's China business.
The letter stated that Robust Plan's revised offer will no longer be "commercially relevant" as the competing offer by NXDS has created a situation where "CCBC itself may no longer retain its core China business".
The letter also noted that the board of CCBC did not reject NXDS' offer, but a special committee of the board of CCBC and its legal and financial advisers will review and evaluate it.
Shares of Cordlife ended higher on Monday at $1.275, up 5.5 cents or 4.5%.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment