Sinovac Receives Competing Non-Binding "Going Private" Proposal of $7.00/Share in Cash
Sinovac Biotech Ltd. (NASDAQ: SVA) today announced that the special committee of its board of directors received on February 4, 2016 a preliminary non-binding proposal letter, dated February 3, 2016, 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, to acquire all of the outstanding common shares of the Company for $7.00 in cash per common share. A copy of the proposal letter is attached hereto as Exhibit A.
The special committee of the Company's independent directors, which was formed to consider the preliminary non-binding proposal letter, dated January 30, 2016, from Mr. Weidong Yin, chairman, president and chief executive officer of the Company, and SAIF Partners IV L.P. and/or its affiliates will carefully consider and evaluate both proposals with the assistance of the special committee's independent financial and legal advisors to be appointed in due course.
The Company's directors caution the Company's shareholders and others considering trading in the Company's securities that no