Cellular Biomedicine Group Announces Engagement of Independent Advisors by Special Committee
NEW YORK and SHANGHAI, Dec. 30, 2019 /PRNewswire/ -- Cellular Biomedicine Group, Inc. (NASDAQ: CBMG) ("CBMG") today announced that the special committee of its board of directors, composed of Alan Au, Edward Schafer, Terry A. Belmont and Wen Tao (Steve) Liu, PhD (the "Special Committee"), has retained Jefferies Group LLC as its independent financial advisor and White & Case LLP as its independent legal advisor. The Special Committee was formed to evaluate strategic alternatives for CBMG, including the preliminary non-binding proposal letter, dated November 11, 2019, submitted by a consortium led by Mr. Bizuo (Tony) Liu, the Chief Executive Officer of CBMG, certain other senior management members of CBMG, Hillhouse Bio Holdings, L.P. and TF Capital Ranok Ltd. and also including Dangdai International Group Co., Limited and Mission Right Limited, wherein the consortium has proposed to acquire all outstanding shares of common stock of CBMG (other than those shares held by the consortium members that may be rolled over in connection with the acquisition) for US$19.50 per share in cash.
There can be no assurance that the Special Committee's evaluation of potential strategic alternatives will result in any transaction being consummated. CBMG does not intend to discuss or disclose any developments with respect to the Special Committee's functions or activity, unless and until determined that further disclosure is appropriate or required by law or regulation. There is no formal timetable for the Special Committee process for evaluating potential strategic alternatives.
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SOURCE Cellular Biomedicine Group
Company Codes: OTC-QB:EBIG, NASDAQ-NMS:CBMG