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.