VNET Group jumps after report buyout firms CDH, PAG exploring acquisition

VNET

18/10/2022 13:47

** Shares of Chinese data center firm VNET Group  VNET.O 
rise 10.2% to $5.93 before the bell 
    ** Buyout firms CDH Investments and PAG have been separately
exploring a potential offer for VNET Group, Bloomberg News
reports, citing people familiar with the matter 
    ** VNET last month received a preliminary non-binding
takeover proposal from its founder and executive chairman Josh
Sheng Chen at $8.20 per American depositary share, in cash 
    ** Co said it had formed a special committee to evaluate the
proposed transaction as well as other strategic alternatives 
    ** It followed a non-binding $8 per ADS cash takeover in
April from Chinese advisory and private equity firm Hina Group
and the Shanghai branch of Industrial Bank Co
    ** VNET has a market cap of ~$796 mln - Refinitiv Data
    ** VNET stock was down 40.2% YTD, as of last close 
 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))