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Cordlife inks non-binding merger proposal with NY-listed life sciences enterprise

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Cordlife inks non-binding merger proposal with NY-listed life sciences enterprise.

CORDLIFE Group on Tuesday said it has made an indicative, non-binding and conditional proposal to merge with New York-listed Global Cord Blood Corporation, a life sciences enterprise.

Global Cord Blood Corporation is incorporated in the Cayman Islands and listed on the New York Stock Exchange . "If the proposed transaction is successfully implemented, the target will be privatised and its shares would be delisted from the NYSE," Cordlife said. Under the proposal, Cordlife plans to issue about 2.5 billion shares with a total value of S$1.2 billion, based on an issue price of S$0.50 per Cordlife share, in exchange for all of the outstanding equity of the target at US$7.50 each.The proposed transaction, if it proceeds, would represent a very substantial acquisition under listing rules. The deal is also subject to conditions such as the signing of more definitive transaction documentation.

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