VNET Group's Interim Chief Executive Josh Sheng Chen Abandons Take-Private Bid-February 2024-www.financetom.com

VNET Group's Interim Chief Executive Josh Sheng Chen Abandons Take-Private Bid

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VNET Group's Interim Chief Executive Josh Sheng Chen Abandons Take-Private Bid

Jul 11, 2024 5:49 AM

08:22 AM EDT, 07/11/2024 (MT Newswires) -- VNET Group ( VNET ) said Thursday that a buyout offer by Josh Sheng Chen, who is the company's co-chairperson and interim chief executive, has been withdrawn.

Chen, who founded the data center company, made a go-private offer for the company in 2022.

In connection with the withdrawal, a special committee of VNET's ( VNET ) board has decided to cease further evaluation of any potential offers.

"I withdrew my privatization proposal as I believe that maintaining VNET's ( VNET ) listing status is better aligned with the company's long-term interests given current market conditions," Chen said in a statement.

Price: 2.2300, Change: -0.02, Percent Change: -0.89

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