WASHINGTON (dpa-AFX) - Sinovac Biotech Ltd. (SVA) said its Board unanimously determined that the partial tender offer by Alternative Liquidity Index LP to acquire up to 10 million common shares of Sinovac for $0.03 per share in cash is not in the best interests of the company or its shareholders. The Board recommended that the shareholders reject the tender offer.
Sinovac Biotech believes the implied valuation based on the offer price is less than the value of the company's assets. The company noted that Alternative Liquidity has made similar unsolicited partial tender offers for the stock of other public companies, and it has done so before for the stock of the company using the same strategy.
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