Global Cord Blood Receives Buyout Proposal From Cordlife Group

(RTTNews) - Global Cord Blood Corp. (CO) said that it received a non-binding proposal from Cordlife Group Limited, by which Cordlife proposes to merge the businesses of Cordlife and the company. The company expects to form a special committee of independent directors to consider the proposal.

Cordlife will issue its ordinary shares at an issue price of S$0.5 per ordinary share in exchange for all of the outstanding ordinary shares of the Company at US$7.50 per ordinary share.

As per the the proposal, Cordlife would issue about 2,497.9 million ordinary shares in exchange for all of the outstanding shares of the company.

Global Cord Blood's ordinary shares will be delisted from the New York Stock Exchange and the Cordlife ordinary shares will continue to trade on SGX, following completion of the proposed transaction.