Robust Plan withdraws offer for Cordlife's CCBC shares, notes
SINGAPORE-LISTED Cordlife Group announced that Hong Kong incorporated Robust Plan has withdrawn its offer for Cordlife's shares and convertible notes in US-listed China Cord Blood Corp (CCBC) with immediate effect.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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Axiata, Sinar Mas move closer to US$3.5 billion telco merger
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’
Asia: Markets mixed as global rally stalls, eyes on yen