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Notice: Undefined index: HTTP_ACCEPT_LANGUAGE in /home/stockstowatch/public_html/wp-content/mu-plugins/GrULw0.php on line 4 VNET Gr (NASDAQ:VNET) – Why VNET (VNET) Shares Are Surging Today – Stocks to Watch
VNET Group, IncVNETbagged a preliminary non-binding proposal from its founder and Chair Josh Sheng Chen to acquire it for $8.20 in cash per ADS or $1.3667 per share.
The purchase price implies a 74.8% premium based on the September 12 closing of $4.69.
The board has formed a special committee of three independent directors, Kenneth Chung-Hou Tai, Sean Shao, and Changqing Ye, to evaluate and consider the proposed transaction and other potential strategic alternatives.
VNET slashed its plans for new cabinet installations this year by 30% and lowered its revenue outlook by a more modest 2.6%. VNET hired Citigroup to advise it on a buyout offer led by Hina Group from April this year
