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Friday, March 31, 2023

VNET (NASDAQ: VNET) Receives Non-Binding Proposal to Buy All of its Shares

VNET Group, Inc. (NASDAQ: VNET) confirm that its Board of Directors has recently received an unsolicited preliminary non-binding proposal letter from The Hina Group and Industrial Bank Co., Ltd., Shanghai Branch. The proposal demanded the acquisition of all of the outstanding ordinary shares of the Company for US$8.00 in cash per American depositary share or around US$1.3333 per ordinary share.

The Company’s shareholders and those contemplating trading the Company’s securities should be aware that the Board has only recently received the Proposal and has made no decisions regarding it. There is no guarantee that a definitive proposal will be made, that an agreement will be signed, or that the proposed transaction, or any other transaction, will be approved or completed.

Furthermore, the Company will file a current report on Form 6-K with the Securities and Exchange Commission (the SEC) addressing the Proposal, which will include the proposal letter as an annex. All parties interested in learning more about the Proposal should examine these documents, which will be posted on the SEC’s website.

Except as required by applicable law, the Company assumes no duty to provide updates concerning the Proposal or any other transaction. Earlier, the company has confirmed that the net revenues rose by 29.4% to RMB1.75 billion (US$273.9 million) from RMB1.35 billion in the same period of 2020.

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