Why VNET Shares Are Surging Today

VNET Group Inc VNET bagged an unsolicited and preliminary all-cash buyout offer.
The Hina Group and Industrial Bank Co., Ltd., Shanghai Branch proposed to acquire VNET for $8.00 in cash per ADs, or $1.3333 per ordinary share.
VNET's Q4 FY21 revenue of $273.9 million, up 29.4% year-on-year, missed the consensus of $275.9 million. EPS loss of $(0.24) missed the consensus loss of $(0.22).
China's leading carrier- and cloud-neutral Internet data center services provider's American depositary shares closed Friday at $5.40.
Price Action: VNET shares traded higher by 14.4% at $6.18 on the last check Monday.