- VNET Group, Inc VNET bagged a preliminary non-binding proposal from its founder and Chair Josh Sheng Chen to acquire it for $8.20 in cash per ADS or $1.3667 per share.
- The purchase price implies a 74.8% premium based on the September 12 closing of $4.69.
- The board has formed a special committee of three independent directors, Kenneth Chung-Hou Tai, Sean Shao, and Changqing Ye, to evaluate and consider the proposed transaction and other potential strategic alternatives.
- VNET slashed its plans for new cabinet installations this year by 30% and lowered its revenue outlook by a more modest 2.6%. VNET hired Citigroup to advise it on a buyout offer led by Hina Group from April this year
- VNET clocked 15.2% revenue growth to $257.5 million in Q2, beating the consensus.
- EPS loss of $(0.36) was in-line with the consensus.
- Price Action: VNET shares traded higher by 19.5% at $5.61 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
