CO - Global Cord up over 20% as investors seek meeting to oppose Cellenkos acquisition

Global Cord Blood Corporation (NYSE:CO) added over 20% Friday on the news that investors holding 75% of the company’s outstanding shares have requested an Extraordinary General Meeting (EGM) with proposals to end the company’s acquisition of clinical-stage biotech Cellenkos. Plans to elect a new board and amendments to the company’s Articles of Association to remove staggered board of directors are also among the proposals. The EGM is scheduled for Jun. 16 at 9:00 a.m. EST, institutional shareholder, Blue Ocean Structure Investment said which holds ~65% of the company said in a regulatory filing. “Blue Ocean firmly believes the Transaction is destructive to the value of the Company and that the Board has shown a complete and total disregard for its shareholders,” it added, citing concerns over potential dilution of Global Cord (CO) shares and hefty purchase price, among others. In April, Global Cord (CO) announced the acquisition of  Cellenkos in a cash

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Global Cord up over 20% as investors seek meeting to oppose Cellenkos acquisition