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China Merchants Capital Offers $3.4 Billion to Buy China Data Center Services Chindata, Bain Capital Largest Shareholder of Chindata with 42% Shareholdings & 87% Voting Rights Rejects Offer & Had Submitted Proposal to Take Chindata Private in June 2023
14th July 2023 | Hong Kong
China Merchants Capital has submitted an offer of $3.4 billion to buy China data center services Chindata but Bain Capital largest shareholder of Chindata with 42% shareholdings & 87% voting rights rejects the offer, having submitted a proposal to take Chindata private in June 2023. China Merchants Capital $3.4 billion offer of $9.20 per share (American depositary shares, 13/7/23) is higher than Bain Capital $8 per share (6/6/23). In 2019, Bain Capital acquired Chindata from Wangsu Science & Technology Co for $140 million (CNY 1 billion), and merging with Bridge Data Centres. In 2020, Chindata became publicly listed on NASDAQ (American depositary shares). More info on China Merchants Capital acquisition offer below.
“ China Merchants Capital Offers $3.4 Billion to Buy China Data Center Services Chindata, Bain Capital Largest Shareholder of Chindata with 42% Shareholdings & 87% Voting Rights Rejects Offer & Had Submitted Proposal to Take Chindata Private in June 2023 “
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China Merchants Capital Offers $3.4 Billion to Buy China Data Center Services Chindata
- Chindata Group Receives Non-Binding “Take Private” Proposal from CMC
Chindata 13/7/23 – Chindata Group Holdings Limited (“Chindata Group” or the “Company”) (Nasdaq: CD), a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets, today announced that the special committee of its board of directors received a preliminary non-binding proposal letter from China Merchants Capital Holdings (International) Limited (“CMC”), to acquire all of the outstanding shares of the Company for US$4.6 per ordinary share (or US$9.2 per ADS) in cash.
On July 12, 2023, the Company also received a letter from BCPE Bridge Cayman, L.P. and BCPE Stack Holdings, L.P. (collectively, the “Bain Shareholders”) stating that the Bain Shareholders, who collectively own 87.39% of the total voting power of the Company, do not intend to sell any shares beneficially owned by them in the Company to any third party nor pursue any alternative transaction.
The special committee of the Company’s independent directors, which was formed following receipt of a preliminary non-binding proposal letter, dated June 6, 2023, from the Bain Shareholders will continue to consider and evaluate all options for maximizing shareholder value with the assistance of the special committee’s independent financial and legal advisors.
The Company’s directors caution the Company’s 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. The Company does not undertake any obligation to provide any updates with respect to these or any other transactions, except as required under applicable law.
About Chindata Group
Chindata Group is a leading carrier-neutral hyperscale data center solution provider in Asia-Pacific emerging markets and a first mover in building next-generation hyperscale data centers in China, India and Southeast Asia markets, focusing on the whole life cycle of facility planning, investment, design, construction and operation of ecosystem infrastructure in the IT industry. Chindata Group provides its clients with business solutions in major countries and regions in Asia-Pacific emerging markets, including asset-heavy ecosystem chain services such as industrial bases, data centers, network and IT value-added services. Chindata Group operates two sub-brands: “Chindata” and “Bridge Data Centres”. Chindata operates hyper-density IT cluster infrastructure in the Greater Beijing Area, the Yangtze River Delta Area and the Greater Bay Area, the three key economic areas in China, and has become the engine of the regional digital economies. Bridge Data Centres, with its top international development and operation talents in the industry, owns fast deployable data center clusters in Malaysia and India, and seeks business opportunities in other Asia-Pacific emerging markets.
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