Shulou(Shulou.com)11/24 Report--

CTOnews.com news on November 6, Best Group announced today that the board of directors has received a preliminary non-binding offer to acquire all issued common shares from a consortium of buyers composed of Alibaba, Cainiao Network and Zhou Shaoning, the company's founder. The recommended purchase price is $0.144 per common share or $2.88 per ADS in cash.

According to the proposal, Zhou Shaoning, George Chow, Denlux Logistics Technology Invest Inc, Alibaba Investment Co., Ltd. (Alibaba Investment Limited), BJ Russell Holdings Limited and Cainiao Intelligent Logistics Investment Co., Ltd. (Cainiao Smart Logistics Investment Limited), Chief Strategy officers and Investment officers of Best Group, plan to acquire all issued common shares of Best Group with cash of US $0.144 per common share (US $2.88 per ADS). Including Class A common shares represented by ADS.

The buyers' alliance said in its proposal that it planned to fund the potential deal with equity (rollover equity) and cash from the Best Group.

To this end, the Best Group also announced today that the company's board of directors has set up a special committee of three independent directors to evaluate and consider the proposal and potential transactions. The three independent directors are Li Wenbiao (Wenbiao Li), Wu Ying (Ying Wu) and Klaus Anker Petersen, with Wu Ying as the chairman of the special committee.

According to the financial report, Best Group's revenue in the second quarter was 2.14 billion yuan, and its gross profit margin increased by 8.8 percent year-on-year. It is worth noting that, among them, Best Express achieved Non-GAAP profits, Best supply chain made profits for two consecutive quarters. The operating cash flow of the two major businesses is positive.

CTOnews.com noted that Polar Rabbit acquired Best Express's China business for about 6.8 billion yuan in 2021, but did not include Best Group's other businesses such as supply chain management, freight, UCargo and Global.

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