Chindata gains on improved bid from majority shareholder Bain Capital

Chindata group

14/08/2023 10:10

** U.S.-listed shares of Chinese data center operator
Chindata  CD.O  rise 2.5% to $8.31 premarket
    ** CD said on Friday it would go private in a sweetened
$3.16 bln deal with investor Bain Capital
    ** Bain Capital offers shareholders $8.60 for each American
depository share of the company
    ** Offer price represents a 7.5% increase from the private
equity firm's proposal in June and premium of about 43% to the
closing price of Chindata shares before the initial approach was
made public
    ** "We believe BC's quick action to enter into a binding
offer at a 7.5% increase in offer price will likely make it
difficult for any third parties, including China Merchant
Capital, to come in and challenge BC's offer" - Jefferies
    ** Up to last close, stock had risen ~2% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))