Sinovac Biotech Ltd (NASDAQ: SVA) has released a statement declaring that its board of directors has unanimously resolved to dismiss a nominal offer by UK-based private equity firm Alternative Liquidity Index LP to acquire up to 10 million of the company’s shares for USD 0.03 each. The board asserts that this tender offer drastically undervalues Sinovac and is not in the best interest of its shareholders, advising them to decline the offer.
With cash reserves of USD 1.6 billion, Sinovac equates to a per-share value of over USD 14.40, a figure significantly higher than the offered price. Moreover, the company holds investments worth approximately USD 9.4 billion, further emphasizing the disparity between its actual value and the proposed acquisition terms.- Flcube.com
