- VNET Group, Inc (NASDAQ:VNET) bagged a preliminary non-binding proposal from its founder and Chair Josh Sheng Chen to acquire it for $8.20 in cash per ADS or $1.3667 per share.
- The purchase price implies a 74.8% premium based on the September 12 closing of $4.69.
- The board has formed a special committee of three independent directors, Kenneth Chung-Hou Tai, Sean Shao, and Changqing Ye, to evaluate and consider the proposed transaction and other potential strategic alternatives.
- VNET slashed its plans for new cabinet installations this year by 30% and lowered its revenue outlook by a more modest 2.6%. VNET hired Citigroup to advise it on a buyout offer led by Hina Group from April this year
- VNET clocked 15.2% revenue growth to $257.5 million in Q2, beating the consensus.
- EPS loss of $(0.36) was in-line with the consensus.
- Price Action: VNET shares traded higher by 19.5% at $5.61 on the last check Tuesday.
Peering Into Pfizer’s Recent Short Interest
Pfizer's (NYSE:PFE) short percent of float has fallen 12.61% since its last report. The company recently reported that it has 54.69 million shares sold short, which is 0.97% of all regular shares that are available for trading.
