Why Global Cord Blood Corporation Stock Is Jumping Today
Shares of Global Cord Blood Corporation (NYSE: CO), a provider of umbilical cord blood stem cells storage, are rising sharply on Tuesday, following the company's announcement of an unsolicited non-binding acquisition proposal. As of 12:25 p.m. EST, Global Cord Blood's stock was up by 11.5% after popping by as much as 14.6% earlier in the day.
Global Cord Blood announced that it has received an acquisition proposal letter from Alternate Ocean Investment Company Limited, a subsidiary of Hong Kong-based investment bank Haitong International Securities Group Limited. Alternate Ocean is acting on behalf of an unnamed third party in this proposed transaction.
The offer is to acquire all outstanding shares of Global Cord Blood for $5 per share. The company's shares closed Monday's trading session at $4.32 apiece.
Source Fool.com
