Cellular Biomedicine Group Announces Engagement Of Independent Advisors By Special Committee Formed To Evaluate Strategic Alternatives Including $19.50/Share Preliminary Non-Binding Proposal

Cellular Biomedicine Group, Inc. (NASDAQ:CBMG) ("CBMG") today announced that the special committee of its board of directors, composed of Alan Au, Edward Schafer, Terry A. Belmont and Wen Tao (Steve) Liu,

Benzinga · 12/30/2019 13:31

Cellular Biomedicine Group, Inc. (NASDAQ:CBMG) ("CBMG") today announced that the special committee of its board of directors, composed of Alan Au, Edward Schafer, Terry A. Belmont and Wen Tao (Steve) Liu, PhD (the "Special Committee"), has retained Jefferies Group LLC as its independent financial advisor and White & Case LLP as its independent legal advisor. The Special Committee was formed to evaluate strategic alternatives for CBMG, including the preliminary non-binding proposal letter, dated November 11, 2019, submitted by a consortium led by Mr. Bizuo (Tony) Liu, the Chief Executive Officer of CBMG, certain other senior management members of CBMG, Hillhouse Bio Holdings, L.P. and TF Capital Ranok Ltd. and also including Dangdai International Group Co., Limited and Mission Right Limited, wherein the consortium has proposed to acquire all outstanding shares of common stock of CBMG (other than those shares held by the consortium members that may be rolled over in connection with the acquisition) for US$19.50 per share in cash.