NEW YORK, Aug. 10, 2017 /PRNewswire/ -- Sinobioway Consortium has provided an update on its offer to acquire Sinovac Biotech (Nasdaq: SVA). Sinobioway Consortium has submitted a "Restate Offer" at $8 per share to Sinovac's Board of Director and the Special Committee on June 28th, 2017 (UTC/GMT+08:00). On June 30th, 2017, the Special Committee asked Sinobioway Consortium to submit a statement to clarify its new capital source to prove that it has sufficient funds for the transaction. Sinobioway Consortium has submitted all the required documents and Commitment Letters to the Special Committee on July 24th, 2017.
Sinobioway Consortium made an initial offer to acquire Sinovac botech at $7 per share on February 4th, 2016, which was higher than the $6.18 per share offer by Buyer group led by Weidong Yin and SAIF Partners. Sinobioway Consortium were not contacted by the Special committee before the committee supported the Buyer group led by Weidong Yin and SAIF Partners to match Sinobioway Consortium original offered price of $7.
We noted that 1Globe Capital LLC, the key shareholder of Sinovac which owns approximately 16.4% of the issued and outstanding shares supports the Sinobioway Consortium's proposal in its recent SEC 13D fillings.
Sinobioway Consortium is committed to work with all shareholders to complete the acquisition of Sinovac Biotech at $8 per share, which is higher than the $7 per share offer recommended by the Board and the Special Committee to the shareholders.
Sinobioway Consortium is comprised of Shandong Sinobioway Biomedicine Co., Ltd. (Sinobioway), PKU V-Ming (Shanghai) Investment Holdings Co., Ltd., China International Capital Corporation Limited, Qianhai Development (Shenzhen) Fund Management Co., Ltd., Beijing Sinobioway Group Co., Ltd., Heng Feng Investments (International) Limited and Fuerde Global Investment Limited, led by Dr. Pan who is the Co-founder of Beijing Sinobioway Group Co., Ltd. and also the Chairman of the Board of Sinovac Beijing which is the principal operating subsidiary of Sinovac.
SOURCE Shandong Sinobioway Biomedicine Co., Ltd