Benzinga | Dec 16, 2021 04:17PM EST

Global Cord Blood Reports Rejection Of Alternate Ocean Proposal At $5/Share In Cash

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 its Board of Directors (the "Board") decided to reject the non-binding proposal letter ("Alternate Ocean Proposal") from Alternate Ocean Investment Company Limited ("Alternate Ocean") received by the Board dated March 2, 2021, pursuant to which Alternate Ocean proposed to acquire all outstanding ordinary shares of the Company for US$5.00 per ordinary share in cash, based on the recommendation from a special committee of independent directors (the "Special Committee"). The Special Committee and the Board believe such proposal in its original form fails to properly reflect the value of the Company and maximize shareholder value.