Chindata Shares Soar Premarket Following Takeover Offer Reports

Chindata Group Holdings Ltd CD has received initial takeover interest from other firms in the industry, Bloomberg reports.
Shanghai-based GDS Holdings Ltd GDS considered a bid to combine with the Chinese data center company backed by private equity firm Bain Capital.
Rivals like EdgeConneX, backed by private equity firm EQT AB, could also weigh potential bids for the company.
Chindata lost 68% in value in 2021 following China’s crackdown on technology companies wreaking havoc on investor enthusiasm for Chinese companies.
Chinese companies trading in New York were rendered vulnerable by China and the U.S. tension over auditing rules.
Bain acquired Chindata in 2019 from Wangsu Science & Technology Co. and merged it with its portfolio firm Bridge Data Centres, creating a pan-Asian company operating hyper-scale data centers in China, India, and Southeast Asia.
Price Action: CD shares traded higher by 12.80% at $4.94 in the premarket on the last check Friday.