NEW YORK, Sep. 29, 2017 /PRNewswire/ -- Sinobioway Consortium has provided an update on its offer to acquire Sinovac Biotech(NASDAQ: SVA).
The Sinobioway Consortium has sent all the new documents required by the Special Committee in September 1st, though still no official response has been heard from the Special Committee or
The Sinobioway Consortium is led by Dr. Pan, the Chairman of Shandong Sinobioway Biomedicine (SZE: 002581, a Chinese A-share listed company), and also the Co-founder of Sinovac and its principal operation subsidiary, Sinovac Beijing. As the Chairman of Sinovac Beijing, Dr. Pan owns veto power on matters such as expansion or amendment of creation of a mortgage or pledge upon the company's assets, a change in the organizational form of the company, and even the designation or removal of the general manager.
Moreover, the Consortium is also comprised of several reputable enterprises and private equity funds with offshore cash-rich funds, like CICC Qianhai Development (Shenzhen) Fund Management Co., Ltd., which currently manages several funds whose total value amounts to 1.7 billion CNY, and GoldStone Investment Co., Ltd., the wholly owned subsidiary of CITIC Securities Co., Ltd., which is the largest listed security company in China. Therefore, concerns on the transaction equity to acquire Sinovac should be unnecessary.
On August 31st, Shandong Sinobioway Biomedicine has announced its semiannual financial report, which revealed that the revenue and net profit of Sinovac Beijing, the principal operation subsidiary of Sinovac, was 474.56 million CNY and 234.41 million CNY from January to June of 2017, respectively. Sinovac has realized its rapid growth of both revenue and net profit.
From the initial offer of $7 per share to the recent $8, Sinobioway Consortium has always bid higher than Mr. Yin's Consortium, and no matter what the cost will be, Sinobioway is capable of completing the Sinovac buyout and will never take giving up as its option.
View original content:http://www.prnewswire.com/news-releases/sinobioway-consortium-provides-update-on-acquiring-sinovac-biotech-nasdaq-sva-at-the-purchase-price-of-8-per-share-300528181.html
SOURCE Shandong Sinobioway Biomedicine Co.,Ltd
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