Benzinga | Mar 15, 2021 07:07AM EDT

Global Cord Blood Corporation Announces Formation of a Special Committee to Evaluate Non-Binding Proposal

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 response to the non-binding proposal letter dated March 2, 2021 received by the Company's Board of Directors (the "Board") from Alternate Ocean Investment Company Limited ("Alternate Ocean"), pursuant to which Alternate Ocean, acting on behalf of the fund (the "Acquirer") 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. The Board has formed a special committee of independent directors who are not affiliated with Alternate Ocean (the "Special Committee") to evaluate such proposal. The Special Committee consists of Mr. Mark D. Chen, Dr. Ken Lu, Mr. Jack Chow and Mr. Jacky Cheng, each of whom currently serves as an independent director on the Board, with Mr. Chen serving as the chair of the Special Committee.

The Company cautions its shareholders and others considering trading its ordinary shares that no decisions have been made with respect to the Company's response to the proposed transaction. The proposed transaction is still subject to various conditions, including but not limited to, completion of due diligence, parties entering into definitive agreement, and/or each of the Acquirer and the Company obtaining its relevant regulatory and shareholders' approval. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.