China Cord Blood Corporation Announces Termination of Evaluation and Negotiation Regarding "Going Private" Proposal
Apr 13, 2017, 07:55 ET
HONG KONG, April 13, 2017 /PRNewswire/ -- China Cord Blood Corporation (NYSE: CO) ("CCBC" 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 response to the non-binding proposal letter dated April 27, 2015 received by the Company's Board of Directors (the "Board") from Golden Meditech Holdings Limited ("Golden Meditech"), relating to the acquisition of all of the outstanding ordinary shares of the Company not already owned by Golden Meditech in a "going private" transaction, the Board has adopted the recommendation of the special committee of independent directors formed to evaluate such proposal to terminate any further evaluation and negotiation regarding such proposal. In making its recommendation, the special committee had taken into account various factors including but not limited to the pending transaction (the "Acquisition") between Golden Meditech and Nanjing Ying Peng Hui Kang Medical Industry Investment Partnership (limited partnership) (the "Purchaser"), the Purchaser's future plans regarding CCBC after the Acquisition is completed and the overall viability of the proposal. The special committee's recommendation was unanimous and the adoption of its recommendation by the full Board of the Company was unanimous, with Chairman Kam Yuen abstaining.
About China Cord Blood Corporation
China 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. Under current PRC government regulations, only one licensed cord blood banking operator is permitted to operate in each licensed region and no new licenses will be granted before 2020 in addition to the seven licenses authorized as of today. China Cord Blood Corporation provides cord blood collection, laboratory testing, hematopoietic stem cell processing and stem cell storage services. For more information, please visit our website at http://www.chinacordbloodcorp.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:
China Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: [email protected]
ICR, Inc.
William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: [email protected]
SOURCE China Cord Blood Corporation