U.S.-listed China Cord Blood soars on offer from China department store firm

U.S.-listed China Cord Blood ($CO) received an unsolicited offer from China-listed Nanjing Xinjiekou Department Store to buy all of its shares for at least RMB6 billion ($966 million) and take the company private. The Aug. 6 proposed deal which Nanjing Xinjiekou said could be funded in cash or shares, or a combination, sent China Blood Cord up 39% in the U.S. to a four-year high after gains for the year of 30% up to Aug. 5. The offer follows an April bid by China Blood Cord majority shareholder Golden Meditech of $771 million to take the company private. Reports suggest that Nanjing Xinjiekou, or others, may look to eventually eye a relisting of the company in Hong Kong. In June, 3SBio raised $710 million in an initial public offering in Hong Kong two years after going private and delisting from the U.S. market. Release (Chinese language)