Why Global Cord Blood Corporation Stock Is Jumping Today

Prosper Junior Bakiny, The Motley Fool
·2-min read
Why Global Cord Blood Corporation Stock Is Jumping Today

Shares of Global Cord Blood Corporation (NYSE: CO), a provider of umbilical cord blood stem cells storage, are rising sharply on Tuesday, following the company's announcement of an unsolicited non-binding acquisition proposal. As of 12:25 p.m. EST, Global Cord Blood's stock was up by 11.5% after popping by as much as 14.6% earlier in the day. Global Cord Blood announced that it has received an acquisition proposal letter from Alternate Ocean Investment Company Limited, a subsidiary of Hong Kong-based investment bank Haitong International Securities Group Limited.