Sinobioway Consortium provides update on acquisition of Sinovac Biotech
Sinobioway Consortium has provided an update on its offer to acquire Sinovac Biotech. "Sinobioway Consortium has submitted a "Restate Offer" at $8 per share to Sinovac's Board of Director and the Special Committee on June 28th, 2017. On June 30, 2017, the Special Committee asked Sinobioway Consortium to submit a statement to clarify its new capital source to prove that it has sufficient funds for the transaction. Sinobioway Consortium has submitted all the required documents and Commitment Letters to the Special Committee on July 24, 2017. Sinobioway Consortium made an initial offer to acquire Sinovac botech at $7 per share on February 4th, 2016, which was higher than the $6.18 per share offer by Buyer group led by Weidong Yin and SAIF Partners. Sinobioway Consortium were not contacted by the Special committee before the committee supported the Buyer group led by Weidong Yin and SAIF Partners to match Sinobioway Consortium original offered price of $7. We noted that 1Globe Capital LLC, the key shareholder of Sinovac which owns approximately 16.4% of the issued and outstanding shares supports the Sinobioway Consortium's proposal in its recent SEC 13D fillings. Sinobioway Consortium is committed to work with all shareholders to complete the acquisition of Sinovac Biotech at $8 per share, which is higher than the $7 per share offer recommended by the Board and the Special Committee to the shareholders."