Global Cord Blood Corporation Announces Receipt of Unsolicited Non-Binding Acquisition Proposal

Rhea-AI Summary

Global Cord Blood Corporation (NYSE: CO) received a non-binding acquisition proposal from Alternate Ocean Investment Company Limited to purchase all outstanding shares at US$5.00 per share. The Board of Directors will carefully evaluate this unsolicited offer while fulfilling its fiduciary duties. Shareholders need not take any action at this time. GCBC is a leading provider of cord blood services in China, with extensive geographical coverage and multiple licenses.

Positive

• Acquisition proposal at US$5.00 per share may provide immediate value for shareholders.
• GCBC's status as a leading provider in the cord blood banking market positions it favorably for potential growth.

Negative

• The proposal is non-binding and may not lead to an actual transaction.
• Shareholder actions and market response to the proposal remain uncertain.

HONG KONG, March 2, 2021 /PRNewswire/ -- Global Cord Blood Corporation (NYSE: CO) ("GCBC" or the "Company"), China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services, today announced that its board of directors (the "Board") has received a non-binding proposal letter from Alternate Ocean Investment Company Limited ("Alternate Ocean"), a wholly-owned subsidiary of Haitong International Securities Group Limited (Stock Code: 665.HK), pursuant to which Alternate Ocean, acting on behalf of certain funds and/or entities that it manages and/or advises, proposes to acquire all of the outstanding ordinary shares of the Company for US$5.00 per ordinary share in cash, subject to certain conditions.

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.

About Global Cord Blood Corporation

Global Cord Blood Corporation is the first and largest umbilical cord blood banking operator in China in terms of geographical coverage and the only cord blood banking operator with multiple licenses. Global Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services. For more information, please visit the Company's website at:

http://www.globalcordbloodcorp.com

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or the Company's future financial performance. The Company has attempted to identify forward-looking statements by terminology including "anticipates", "believes", "expects", "can", "continue", "could", "estimates", "intends", "may", "plans", "potential", "predict", "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions, uncertainties and other factors may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The information in this press release is not intended to project future performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company does not guarantee future results, levels of activity, performance or achievements. The Company expectations are as of the date this press release is issued, and the Company does not intend to update any of the forward-looking statements after the date this press release is issued to conform these statements to actual results, unless required by law.

For more information, please contact:

Global Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@globalcordbloodcorp.com

ICR, Inc.
William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: William.zima@icrinc.com

View original content:http://www.prnewswire.com/news-releases/global-cord-blood-corporation-announces-receipt-of-unsolicited-non-binding-acquisition-proposal-301238341.html

SOURCE Global Cord Blood Corporation

FAQ

What was the recent acquisition proposal for Global Cord Blood Corporation?

The proposal involves Alternate Ocean offering US$5.00 per share for all outstanding shares of Global Cord Blood Corporation.

Who made the acquisition proposal for stock symbol CO?

The acquisition proposal was made by Alternate Ocean Investment Company Limited, a subsidiary of Haitong International Securities Group.

What are the implications of the acquisition proposal for Global Cord Blood Corporation's shareholders?

The proposal suggests a potential cash offer that could provide immediate value to shareholders, but it is non-binding.

When was the acquisition proposal announced for Global Cord Blood Corporation?

The acquisition proposal was announced on March 2, 2021.

What will Global Cord Blood Corporation's Board do regarding the acquisition proposal?

The Board will review the unsolicited proposal to determine the best course of action for the Company and its shareholders.