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Cordlife Group-linked China Cord Blood Corp gets acquisition proposal
CORDLIFE Group has announced that China Cord Blood Corp (CCBC) has received a proposal letter from Golden Meditech which is seeking to take it private.
Golden Meditech is looking to acquire all the outstanding ordinary shares of umbilical cord blood banking operator CCBC that it does not own for US$6.40 per share. In addition, it plans to acquire all of CCBC's 7 per cent senior convertible notes. It plans to finance this with available cash as well as with debt and equity capital.
Cordlife Group has a stake of 9.13 per cent in CCBC, and is also a holder of a 7 per cent senior convertible note due Oct 3, 2017.
It added that it has not entered into an agreement with Golden Meditech and there is "no certainty" that any transaction will be entered into at this time.