BEST Inc. Receives Acquisition Offer from Buyer Consortium Including Alibaba and Cainiao

On November 7th, BEST Inc. announced that its board of directors has received a preliminary non-binding proposal from the company’s founder, Chairman, and CEO Zhou Shaoning. The proposal includes a buyer consortium led by Zhou Shaoning intending to acquire all issued ordinary shares of BEST Inc., including Class A ordinary shares represented by ADS (American Depositary Shares), for a cash consideration of $0.144 per share ($2.88 per ADS).

According to the proposal, Zhou Shaoning, Chief Strategy Officer and Chief Investment Officer of BEST Inc., Zhou Shaojian, Danish Logistics Technology Investment Company, Alibaba Group Holding Limited, and Cainiao Smart Logistics Investment Limited plan to acquire all issued ordinary shares of BEST Inc. (including Class A ordinary shares represented by ADS) that are not currently held by the buyer consortium at a price of $0.144 per share of common stock ($2.88 in cash per ADS).

The Buyers Alliance stated in the proposal that they plan to finance this potential transaction with equity (extended term shares) and cash from BEST Inc.

SEE ALSO: Logistics Firm BEST Inc. Regains Compliance With NYSE Listing Standards

BEST Inc. also announced that the company’s board of directors has established a special committee consisting of three independent directors to evaluate and review the proposal and potential transaction. The three independent directors are Wenbiao Li, Ying Wu, and Klaus Anker Petersen, with Ying Wu serving as the chairman of the special committee.

As of the close on November 6th, BEST Inc.’s stock price surged by 11.3%, reaching $2.66 per share, with a total market value of $52.68 million.