Global Cord Blood Corporation Announces Termination of Discussion Regarding Cordlife Merger Proposal
Global Cord Blood Corporation (NYSE: CO) has announced the termination of discussions regarding the proposed merger with Cordlife Group Limited. This decision follows a non-binding proposal dated June 4, 2019, where Cordlife sought to combine its business with GCBC through a statutory merger. The boards of both companies have mutually agreed to discontinue any further negotiations related to this proposal. GCBC remains the largest cord blood banking operator in China, offering a range of services including cord blood collection and storage.
- Maintains position as the largest cord blood banking operator in China.
- Offers a comprehensive range of services including cord blood collection and storage.
- Termination of merger discussions may limit potential growth opportunities.
- Market uncertainty due to the discontinuation of strategic collaboration efforts.
HONG KONG, Feb. 11, 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, in relation to the non-binding proposal letter (the "Cordlife Proposal") dated June 4, 2019 received by the Company's Board of Directors (the "Board") from Cordlife Group Limited ("Cordlife"), a company listed on the Mainboard of the Singapore Exchange Securities Trading Limited, pursuant to which Cordlife proposed to combine its businesses with that of the Company by way of a statutory merger (the "Proposed Transaction"), the Board and the board of Cordlife have mutually agreed to discontinue any further discussions regarding the Cordlife Proposal and/or the Proposed Transaction.
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
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SOURCE Global Cord Blood Corporation
FAQ
What was the Cordlife Proposal related to Global Cord Blood Corporation?
Why did Global Cord Blood Corporation discontinue discussions with Cordlife?
What are the implications of the termination of the Cordlife merger for stock symbol CO?
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What services does Global Cord Blood Corporation provide?
