Express logistics company BEST Inc will be privatized and delisted through a merger and trade. On June 20th pre-market trading, BEST Inc (NYSE:BEST) released an announcement that it has signed a merger agreement with its parent company BEST Global Partners and its wholly-owned subsidiary Phoenix Global Partners. BEST Inc will merge with Phoenix and become the indirect wholly-owned subsidiary of its parent company. The transaction price is $2.88 per ADS. This price is a 25.2% premium to the closing price of the day before BEST Inc received the privatization offer (November 2, 2023), and a premium of approximately 30.9% and 28.7% respectively to the weighted average closing price of the past 15 and 30 trading days. It is also a 25.2% premium to the closing price the day before the signing of the merger agreement (June 18). Influenced by this news, BEST Inc closed at $2.7 per ADS on June 20, surging 17.39%.
百世集团5420万美元私有化将于三季度完成
BEST Inc will complete its $54.2 million privatization in the third quarter.
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