BEST Inc. ADSs Rise Premarket on Buyout Proposal
By Colin Kellaher
American depositary shares of BEST Inc. rose more than 10% in premarket trading Monday after the provider of supply-chain services said it received a non-binding buyout proposal from a group that includes its founder and Chinese tech giant Alibaba.
BEST said the group, which currently owns around a 49% stake in the company and holds roughly 94% of its voting power, would pay $2.88 per ADS in cash for the rest of the Hangzhou, China, company, a nearly 21% premium to Friday's closing price of $2.39.
In addition to Alibaba and BEST founder Shao-Ning Johnny Chou, who currently serves as chairman and chief executive, the buyout group includes George Chow, BEST's chief strategy and investment officer; Denlux Logistics Technology Invest; BJ Russell Holdings and Cainiao Smart Logistics Investment.
BEST said its has formed a special committee of its three independent directors to evaluate and consider the proposal.
BEST ADSs were recently up 12% to $2.68 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 06, 2023 06:26 ET (11:26 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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