BEST Inc. Announces Completion of Going Private Transaction
BEST Inc. (NYSE: BEST) has announced the completion of its going private transaction through a merger with Phoenix Global Partners. The merger, approved by shareholders on February 18, 2025, results in BEST becoming a wholly owned subsidiary of BEST Global Partners.
Under the merger terms, each American Depositary Share (ADS) representing twenty Class A ordinary shares will receive US$2.88 in cash, while each ordinary share will receive US$0.144 in cash. Trading of BEST's ADSs on the NYSE will be suspended on March 10, 2025, and the company will initiate the delisting process by filing Form 25 with the SEC.
The company plans to suspend its SEC reporting obligations by filing Form 15 approximately ten days after Form 25 submission. The deregistration will become effective 90 days after Form 25 filing or earlier as determined by the SEC.
BEST Inc. (NYSE: BEST) ha annunciato il completamento della sua transazione di privatizzazione attraverso una fusione con Phoenix Global Partners. La fusione, approvata dagli azionisti il 18 febbraio 2025, porta BEST a diventare una controllata interamente posseduta da BEST Global Partners.
In base ai termini della fusione, ogni American Depositary Share (ADS) che rappresenta venti azioni ordinarie di Classe A riceverà 2,88 US$ in contanti, mentre ogni azione ordinaria riceverà 0,144 US$ in contanti. Il trading degli ADS di BEST sulla NYSE sarà sospeso il 10 marzo 2025 e la società avvierà il processo di delisting presentando il Modulo 25 alla SEC.
La società prevede di sospendere i suoi obblighi di reporting presso la SEC presentando il Modulo 15 circa dieci giorni dopo la presentazione del Modulo 25. La deregistrazione diventerà efficace 90 giorni dopo la presentazione del Modulo 25 o prima, come stabilito dalla SEC.
BEST Inc. (NYSE: BEST) ha anunciado la finalización de su transacción de privatización a través de una fusión con Phoenix Global Partners. La fusión, aprobada por los accionistas el 18 de febrero de 2025, resulta en que BEST se convierta en una subsidiaria de propiedad total de BEST Global Partners.
Según los términos de la fusión, cada American Depositary Share (ADS) que representa veinte acciones ordinarias de Clase A recibirá 2,88 US$ en efectivo, mientras que cada acción ordinaria recibirá 0,144 US$ en efectivo. La negociación de los ADS de BEST en la NYSE se suspenderá el 10 de marzo de 2025, y la compañía iniciará el proceso de deslistado presentando el Formulario 25 ante la SEC.
La compañía planea suspender sus obligaciones de informes ante la SEC presentando el Formulario 15 aproximadamente diez días después de la presentación del Formulario 25. La desregistración se hará efectiva 90 días después de la presentación del Formulario 25 o antes, según lo determine la SEC.
BEST Inc. (NYSE: BEST)는 Phoenix Global Partners와의 합병을 통해 비상장 거래 완료를 발표했습니다. 2025년 2월 18일 주주들이 승인한 이번 합병으로 BEST는 BEST Global Partners의 완전 자회사로 전환됩니다.
합병 조건에 따라, 20개의 A급 보통주를 대표하는 각 American Depositary Share (ADS)는 현금 2.88 US$를 받게 되며, 각 보통주는 현금 0.144 US$를 받게 됩니다. BEST의 ADS 거래는 2025년 3월 10일 NYSE에서 중단되며, 회사는 SEC에 Form 25를 제출하여 상장폐지 절차를 시작할 것입니다.
회사는 Form 25 제출 후 약 10일 이내에 Form 15를 제출하여 SEC 보고 의무를 중단할 계획입니다. 등록 취소는 Form 25 제출 후 90일 이내에 또는 SEC의 결정에 따라 더 일찍 효력이 발생합니다.
BEST Inc. (NYSE: BEST) a annoncé l'achèvement de sa transaction de privatisation par le biais d'une fusion avec Phoenix Global Partners. La fusion, approuvée par les actionnaires le 18 février 2025, entraîne BEST devenant une filiale entièrement détenue de BEST Global Partners.
Selon les termes de la fusion, chaque American Depositary Share (ADS) représentant vingt actions ordinaires de Classe A recevra 2,88 US$ en espèces, tandis que chaque action ordinaire recevra 0,144 US$ en espèces. Le trading des ADS de BEST sur la NYSE sera suspendu le 10 mars 2025, et la société initiera le processus de radiation en déposant le Formulaire 25 auprès de la SEC.
La société prévoit de suspendre ses obligations de reporting auprès de la SEC en déposant le Formulaire 15 environ dix jours après le dépôt du Formulaire 25. La désinscription prendra effet 90 jours après le dépôt du Formulaire 25 ou plus tôt, selon ce que décidera la SEC.
BEST Inc. (NYSE: BEST) hat den Abschluss seiner Privatisierungstransaktion durch eine Fusion mit Phoenix Global Partners bekannt gegeben. Die Fusion, die von den Aktionären am 18. Februar 2025 genehmigt wurde, führt dazu, dass BEST eine hundertprozentige Tochtergesellschaft von BEST Global Partners wird.
Gemäß den Fusionsbedingungen erhält jede American Depositary Share (ADS), die zwanzig Stammaktien der Klasse A repräsentiert, 2,88 US$ in bar, während jede Stammaktie 0,144 US$ in bar erhält. Der Handel mit den ADS von BEST an der NYSE wird am 10. März 2025 ausgesetzt, und das Unternehmen wird den Delisting-Prozess einleiten, indem es das Formular 25 bei der SEC einreicht.
Das Unternehmen plant, seine SEC-Berichtspflichten durch die Einreichung des Formulars 15 ungefähr zehn Tage nach der Einreichung des Formulars 25 auszusetzen. Die Deregistrierung wird 90 Tage nach der Einreichung des Formulars 25 oder früher, wie von der SEC bestimmt, wirksam.
- Going private transaction provides immediate cash value to shareholders
- Clear exit strategy with defined timeline and process
- Premium cash payment of US$2.88 per ADS
- Loss of public trading status and NYSE listing
- Shareholders lose potential future upside in company growth
- investment liquidity after delisting
Insights
BEST Inc.'s completed going-private transaction marks a significant corporate restructuring that removes the company from public markets. At
The transaction's completion follows shareholder approval in February and establishes a clear timeline for the final steps: trading suspension on March 10, followed by NYSE delisting and SEC deregistration. For investors, the mechanics are straightforward – ADS holders will receive payment through Citibank after deducting applicable fees, while direct shareholders will receive instructions via a letter of transmittal.
The involvement of Alibaba Investment and Cainiao Smart Logistics Investment in the acquiring consortium is noteworthy. These entities have existing relationships with BEST Inc. and their participation suggests potential strategic realignment within China's logistics sector, though specifics aren't detailed in the announcement.
For BEST shareholders, this represents a clean exit with guaranteed liquidity, albeit without significant upside. The transaction effectively concludes BEST's relatively short tenure as a NYSE-listed company, which began in September 2017, and removes one of the publicly available investment vehicles in China's logistics sector.
Pursuant to the terms of the Merger Agreement, which was approved by the Company's shareholders at an extraordinary general meeting held on February 18, 2025, at the effective time of the Merger (the "Effective Time"), each American Depository Share of the Company (each, an "ADS"), representing twenty (20) class A ordinary shares of the Company, par value
Registered shareholders immediately prior to the Effective Time who are entitled to the Merger Consideration (as defined in the Merger Agreement) will receive a letter of transmittal and instructions on how to surrender their Shares in exchange for the Merger Consideration and should wait to receive the letter of transmittal before surrendering their Shares. Payment of the Merger Consideration will be made to holders of Shares (other than Class A Shares represented by ADSs) in respect of each such Share held thereby upon surrender of applicable Shares and delivery of the letter of transmittal and any other documents required by such letter of transmittal to be delivered in connection therewith. Payment of the Merger Consideration (after deduction of the fees, charges, deductions and expenses provided for under the Deposit Agreement, dated September 22, 2017, between the Company, the ADS depositary and the holders and beneficial owners of ADSs issued thereunder) will be made to holders of ADSs in respect of each ADS held thereby as soon as practicable after Citibank, N.A., the ADS depositary, receives the aggregate Merger Consideration payable to holders of ADSs from the paying agent.
The Company also announced today that it has requested that trading of its ADSs on the New York Stock Exchange (the "NYSE") be suspended on March 10, 2025 (
Kroll, LLC (operating through its Duff & Phelps Opinions Practice) is serving as the financial advisor to the Special Committee. Skadden, Arps, Slate, Meagher & Flom LLP is serving as
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About BEST
BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the
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SOURCE BEST Inc.