CD - Chindata gains on rival $3.4b takeover bid from China Merchants

2023-07-10 07:50:51 ET

Chindata ( NASDAQ: CD ) rose 8.3% in premarket trading after an arm of state owned conglomerate China Merchants Group made a $3.4 billion takeover offer, topping a bid from Bain Capital for the Asian data center operator.

China Merchants Capital made a preliminary non-biding proposal in June to purchase Chindata ( CD ) for $9.20 in cash per ADS, according to a statement. That compares to a $8 per ADS offer from Bain Capital last month.

The disclosure of the offer comes after Chindata ( CD ) said late last month that the special committee of the company's board retained Citigroup to act as a financial advisor following the Bain takeover bid.

Bloomberg reported in November that China Merchants was exploring a takeover of Bain-backed Chindata ( CD ). The news outlet also reported in April of last year that Chindata ( CD ) had received takeover interest from other firms in the industry. GDS Holdings ( GDS ) was said to be evaluating an offer to combine with Chindata.

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