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BEST Receives Buyout Offer from Consortium Formed by Alibaba, Cainiao & Others
$BEST Inc (BEST.US)$ announced that the board of directors of the company received a preliminary non-binding proposal letter from the firm's founder, chairman and CEO Shao-Ning Johnny Chou, which contains a preliminary buyout offer from a consortium formed by investors including $BABA-W (09988.HK)$ , Cainiao and Johnny Chou himself.
The consortium proposed to acquire all outstanding shares in BEST at US$0.144 per ordinary share, or US$2.88 per American Depositary Share (ADS).
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