Xinjiekou Department Store Offers $966 Million For China Cord Blood Corporation

Nanjing Xinjiekou Department Store Co. made an unsolicited offer of "not less than" $966 million to buy China Cord Blood Corp., a cord blood banking and stem cell processing company. In April, Golden Meditech, China Cord Blood's major owner, made a $771 million offer to take the company private. China Cord Blood has $394 million in cash and annual revenues of about $102 million. If re-listed in Hong Kong or on a China exchange, China Cord Blood could be worth $5 billion.

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