Chindata Group Receives Non-Binding ‘Take Private’ Proposal from CMC
Thu 13 Jul 2023
Chindata Group Holdings Limited announced that the special committee of its board of directors received a preliminary non-binding proposal letter from China Merchants Capital Holdings Limited (CMC) to acquire all of the outstanding shares of Chindata for US$4.6 per ordinary share (or US$9.2 per ADS) in cash.
On 12 July 2023, Chindata also received a letter from Bain Shareholders stating that the shareholders, who collectively own 87.39% of the total voting power of the Chindata, do not intend to sell any shares beneficially owned by them in Chindata to any third party nor pursue any alternative transaction.
The special committee of the Chindata’s independent directors, which was formed following receipt of a preliminary non-binding proposal letter, dated 6 June 2023, from the Bain Shareholders will continue to consider and evaluate all options for maximising shareholder value with the assistance of the special committee’s independent financial and legal advisors.
Chindata’s directors caution their shareholders and others considering trading in the company’s securities that no decisions have been made with respect to the company’s response to either proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that either proposal or any other transaction will be approved or consummated. Chindata does not undertake any obligation to provide any updates with respect to these or any other transactions, except as required under applicable law.
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