Sinovac Biotech Special Committee Hires Financial And Legal Advisors

Sinovac Biotech Ltd. SVA disclosed that its independent special committee of its board has hired Duff & Phelps as its financial advisor to assist in the process of going private. According to the company, it has also engaged Weil, Gotshal & Manages as its legal counsel.

Sinovac Biotech said its board formed the special committee after the receipt of a non-binding "going private" proposal on January 30 from its chairman, president and CE, Weidong Yin, and or its affiliates. Following that, the special committee received a non-binding competing "going private" proposal on February 3 from a consortium comprised of PKU V-Ming (Shanghai) Investment Holdings Co., Ltd., Shandong Sinobioway Biomedicine Co., Ltd., CICC Qianhai Development (Shenzhen) Fund Management Co., Ltd., Beijing Sinobioway Group Co., Ltd., Heng Feng Investments (International) Limited and Fuerde Global Investment Limited.

The company said its special committee would consider and evaluate both proposals carefully with the help of the financial and legal advisors. In a statement, it cautioned the shareholders that no decisions were taken on its response to either proposal. Therefore, Sinovac Biotech said that there can be no assurance that any definitive offer would be made.

Shares of the company closed in the red by 0.94 percent on Wednesday.