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SINGAPORE-LISTED Cordlife Group announced that Hong Kong incorporated Robust Plan has withdrawn its offer for Cordlife's shares and convertible notes in US-listed China Cord Blood Corp (CCBC) with immediate effect.
In a letter from its financial adviser, Robust Plan cited an offer by Nanjing Xinjiekou Department Store (NXDS) for all of CCBC's China business as announced on Aug 6 for its change of position on its unsolicited revised offer, said Cordlife in an announcement to the Singapore Exchange.
As CCBC's board did not reject NXDS's offer and had said it will review and evaluate the offer, it could lead to a situation where CCBC no longer retains its core China business, hence making it "no longer commercially relevant" to Robust Plan.
Cordlife chief executive Jeremy Yee said the board was considering an appropriate response to the withdrawal letter. He also highlighted to shareholders to take note that the offeror is withdrawing its bid with immediate effect when they vote in respect of the proposed disposal of CCBC shares and convertible notes to Golden Meditech Holdings on Sept 14.