The founder of Vnet, Josh Sheng Chen, has offered to acquire the data center company. According to reports from the Chinese data center firm, a non-binding proposal has been received from Josh Sheng Chen. The proposal is to acquire all of Vnet’s outstanding ordinary shares. He proposed $8.20 in cash for each American depositary share or approximately $1.3667 per ordinary share. Vnet’s stock is currently valued at around $6. Interestingly, the company’s stock has shot up since the potential acquisition news broke. Vnet is also now valued at around $900m.
The Vnet Board is now evaluating the proposal with a special committee formed to this effect. The committee is also exploring other strategic alternatives the company can pursue. According to Vnet, no decisions have been made, and there’s no assurance that a definitive offer will be presented or agreed upon once presented. The company currently operates over 50 data centers across 30 cities in China.
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