NEW YORK, June 30, 2017 /PRNewswire/ --To Acquire Sinovac Biotech (Nasnaq: SVA) Sinobioway Consortium Raises Its Purchase Price To $8 Per Share.
On the evening of June 26, 2017 Beijing time, Sinovac Biotech Ltd. (Nasdaq: SVA, "Sinovac") announced that Sinovac entered into a Definitive Agreement ("Amalgamation Agreement") for Going-Private Transaction with Weidong Yin's consortium ("Consortium A") which is led by Weidong Yin and SAIF (Mr. Weidong Yin is the chairman, president and chief executive officer of Sinovac). Sinovac's Special Committee ("Special Committee") unanimously approved the Amalgamation Agreement and the transactions contemplated by the Amalgamation Agreement. Pursuant to the Amalgamation Agreement, Weidong Yin's Consortium will acquire the Company for cash consideration equal to US$7.00 per common share of the Sinovac.
Just over 24 hours after the announcement above, Sinobioway Consortium ("Consortium B") rapidly submitted to Sinovac's Board of Director and the Special Committee a "Restate Offer" and raised the consideration for privatized acquisition to $8 per share, which is 14.3% higher than the consideration offered in the "Amalgamation Agreement."
(To find more information, please see Consortium B's announcement http://www.cninfo.com.cn/finalpage/2017-06-28/1203656646.PDF)
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SOURCE Shandong Sinobioway Biomedicine Co., Ltd