BEIJING (dpa-AFX) - Sinovac Biotech Ltd. (SVA), a Chinese biopharmaceutical firm, said on Tuesday that it has rejected a partial tender offer by Alternative Liquidity Index LP to acquire up to 10 million shares for $0.03 per share in cash.
Sinovac noted that the offer is not in the best interests of the company or its shareholders.
The drug maker believes the implied valuation based on the offer price is less than the value of the company. In addition, Alternative Liquidity failed to show an accurate means for determining the present value of the shares of Sinovac.
Sinovac believes that the offer price represents an opportunistic attempt by Alternative Liquidity to make a profit by purchasing the shares at a very low price.
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