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UPDATE: Singapore's Cordlife Group looks to acquire Global Cord Blood

Singapore-based Cordlife Group Ltd made an offer to acquire Hong Kong-based, New York-listed Global Cord Blood Corp.

Cordlife intends to issue 2,497,874,591 ordinary shares at 50 Singapore cents apiece in exchange for all of the outstanding ordinary shares of Global Cord at US$7.50 per share.

The aggregate value of the deal would be S$1.24 billion (US$908.6 million).

Global Cord Blood provides umbilical cord collection, lab testing, certain stem cell processing and storage services in China, and Cordlife Group owns a network of umbilical cord banks in Singapore, Hong Kong, India, Indonesia and the Philippines.

Upon completion of the proposed transaction, Global Cord's ordinary shares will be delisted from the New York Stock Exchange, while Cordlife's ordinary shares will continue to trade on the Singapore Exchange Securities Trading Ltd.

Global Cord expects that its board will form a special committee of independent directors to consider the proposal.

As of June 3, US$1 was equivalent to 1.37 Singapore dollar.