Dada Enters into Definitive Agreement for “Going Private” Transaction
Dada Nexus (NASDAQ: DADA), China's leading local on-demand retail and delivery platform, has announced a definitive merger agreement with JD Sunflower Investment Under the agreement, DADA will become a wholly-owned subsidiary of JD.com through a privatization deal.
The merger terms specify that each ADS will be exchanged for US$2.0 in cash, representing a 42% premium over the January 24, 2025 closing price. Individual shares will receive US$0.5 in cash. The transaction will be fully funded by JD.com International
The merger has received approval from DADA's board of directors following recommendation from a Special Committee of independent directors. JD and its affiliates, holding over 60% of voting rights, have agreed to vote in favor of the merger. The transaction is expected to close in Q3 2025, subject to shareholder approval. Upon completion, DADA will become private and delist from the Nasdaq Global Select Market.
Dada Nexus (NASDAQ: DADA), la principale piattaforma cinese di retail e consegna on-demand, ha annunciato un accordo di fusione definitivo con JD Sunflower Investment. Secondo l'accordo, DADA diventerà una controllata al 100% di JD.com attraverso un'operazione di privatizzazione.
I termini della fusione specificano che ogni ADS sarà scambiato per 2,0 US$ in contanti, rappresentando un premio del 42% rispetto al prezzo di chiusura del 24 gennaio 2025. Le singole azioni riceveranno 0,5 US$ in contanti. La transazione sarà completamente finanziata da JD.com International.
La fusione ha ricevuto l'approvazione dal consiglio di amministrazione di DADA dopo la raccomandazione di un Comitato Speciale di direttori indipendenti. JD e le sue affiliate, che detengono oltre il 60% dei diritti di voto, hanno concordato di votare a favore della fusione. Si prevede che la transazione si chiuda nel terzo trimestre del 2025, soggetta all'approvazione degli azionisti. Al termine, DADA diventerà privata e sarà rimossa dal Nasdaq Global Select Market.
Dada Nexus (NASDAQ: DADA), la principal plataforma de comercio y entrega bajo demanda de China, ha anunciado un acuerdo de fusión definitivo con JD Sunflower Investment. Según el acuerdo, DADA se convertirá en una subsidiaria de propiedad total de JD.com a través de un acuerdo de privatización.
Los términos de la fusión especifican que cada ADS será intercambiado por 2,0 US$ en efectivo, lo que representa una prima del 42% sobre el precio de cierre del 24 de enero de 2025. Las acciones individuales recibirán 0,5 US$ en efectivo. La transacción será completamente financiada por JD.com International.
La fusión ha recibido la aprobación de la junta directiva de DADA tras la recomendación de un Comité Especial de directores independientes. JD y sus afiliados, que poseen más del 60% de los derechos de voto, han acordado votar a favor de la fusión. Se espera que la transacción se cierre en el tercer trimestre de 2025, sujeto a la aprobación de los accionistas. Una vez completada, DADA se volverá privada y se eliminará del Nasdaq Global Select Market.
Dada Nexus (NASDAQ: DADA), 중국의 선도적인 온디맨드 소매 및 배송 플랫폼이 JD Sunflower Investment와의 최종 합병 계약을 발표했습니다. 이 계약에 따라 DADA는 JD.com의 완전 자회사로 전환됩니다.
합병 조건에 따르면 각 ADS는 현금 2.0 US$로 교환되며, 이는 2025년 1월 24일의 종가보다 42% 프리미엄을 나타냅니다. 개별 주식은 0.5 US$의 현금을 받게 됩니다. 이 거래는 JD.com International에 의해 전액 자금 지원됩니다.
합병은 DADA의 이사회가 독립 이사들로 구성된 특별위원회의 권고를 따른 후 승인을 받았습니다. JD와 그 계열사는 60% 이상의 의결권을 보유하고 있으며, 합병에 찬성하는 투표를 하기로 합의했습니다. 거래는 2025년 3분기에 완료될 것으로 예상되며, 주주 승인에 따라 달라질 수 있습니다. 완료되면 DADA는 비상장 기업이 되고 Nasdaq Global Select Market에서 상장 폐지됩니다.
Dada Nexus (NASDAQ: DADA), la principale plateforme de vente au détail et de livraison à la demande en Chine, a annoncé un accord de fusion définitif avec JD Sunflower Investment. Selon cet accord, DADA deviendra une filiale entièrement détenue de JD.com par le biais d'un accord de privatisation.
Les termes de la fusion spécifient que chaque ADS sera échangé contre 2,0 US$ en espèces, représentant une prime de 42% par rapport au prix de clôture du 24 janvier 2025. Les actions individuelles recevront 0,5 US$ en espèces. La transaction sera entièrement financée par JD.com International.
La fusion a été approuvée par le conseil d'administration de DADA suite à la recommandation d'un Comité spécial de directeurs indépendants. JD et ses filiales, détenant plus de 60% des droits de vote, ont convenu de voter en faveur de la fusion. La transaction devrait être finalisée au troisième trimestre 2025, sous réserve de l'approbation des actionnaires. Une fois complétée, DADA deviendra privée et sera radiée du Nasdaq Global Select Market.
Dada Nexus (NASDAQ: DADA), Chinas führende Plattform für lokale On-Demand-Einzelhandels- und Lieferdienste, hat eine endgültige Fusionsvereinbarung mit JD Sunflower Investment bekannt gegeben. Laut der Vereinbarung wird DADA eine hundertprozentige Tochtergesellschaft von JD.com im Rahmen eines Privatisierungsdeals.
Die Fusionsbedingungen sehen vor, dass jede ADS gegen 2,0 US$ in bar eingetauscht wird, was einen 42% Aufschlag gegenüber dem Schlusskurs vom 24. Januar 2025 darstellt. Einzelne Aktien erhalten 0,5 US$ in bar. Die Transaktion wird vollständig von JD.com International finanziert.
Die Fusion erhielt die Genehmigung des Vorstands von DADA nach Empfehlung eines Sonderausschusses unabhängiger Direktoren. JD und seine Tochtergesellschaften, die über 60% der Stimmrechte verfügen, haben zugestimmt, für die Fusion zu stimmen. Die Transaktion wird voraussichtlich im 3. Quartal 2025 abgeschlossen, vorbehaltlich der Genehmigung der Aktionäre. Nach Abschluss wird DADA privat und wird vom Nasdaq Global Select Market abgezogen.
- 42% premium offered to shareholders over last trading price
- Guaranteed funding from JD.com International
- Strong shareholder support with 60% voting rights already committed
- Clear path to deal closure with board approval and independent committee recommendation
- Forced delisting from Nasdaq will eliminate public trading liquidity
- Minority shareholders have influence on merger outcome
- Small investors must accept set cash price without negotiation power
Insights
This definitive merger agreement represents a significant development for Dada shareholders. JD.com, which already controls over 60% of Dada's voting rights, is acquiring the remaining stake at
The transaction structure is straightforward: JD.com will take Dada private through a cash merger valued at approximately
For investors, this deal provides a clean exit at a premium, eliminating market uncertainty. The modest premium to current trading suggests the market had already anticipated this outcome since January's preliminary proposal. JD.com's decision to fully integrate Dada aligns with trends in the competitive Chinese e-commerce landscape, where operational integration between delivery networks and retail platforms has become increasingly important.
The expected Q3 2025 closing indicates a normal regulatory review timeline, with financing fully secured through JD.com's cash contribution. Upon completion, Dada will be delisted from Nasdaq, ending its chapter as a public company and becoming fully integrated into JD.com's ecosystem.
SHANGHAI, China, April 01, 2025 (GLOBE NEWSWIRE) -- Dada Nexus Limited (NASDAQ: DADA, “Dada” or the “Company”), China’s leading local on-demand retail and delivery platform, today announced that it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with JD Sunflower Investment Limited, a British Virgin Islands company (“Parent”) and JD Sunflower Merger Sub Limited, a Cayman Islands company and a wholly owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of Parent (the “Merger”). Parent is wholly owned by JD.com, Inc. (“JD”).
At the effective time of the Merger (the “Effective Time”), each American Depository Share of the Company (each, an “ADS”), representing four ordinary shares of the Company, par value US
The merger consideration represents a premium of approximately
The Merger will be fully funded through cash contribution by JD.com International Limited, a wholly owned subsidiary of JD (the “Sponsor”). Parent has entered into a commitment letter, pursuant to which the Sponsor has agreed, subject to the terms and conditions thereof, to provide the necessary financing for the transaction.
The Company’s board of directors, acting upon the unanimous recommendation of a committee of independent directors established by the board of directors (the “Special Committee”), approved the Merger Agreement and the Merger, and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the Merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.
The Merger is currently expected to close within the third quarter of 2025 and is subject to customary closing conditions, including the authorization and approval of the Merger Agreement by the affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy at a general meeting of the Company’s shareholders. Parent has agreed to vote and cause its affiliates to vote, or cause to be voted, all Shares held directly or indirectly by them, which represent more than
Kroll, LLC is serving as the financial advisor to the Special Committee. Gibson, Dunn & Crutcher LLP is serving as U.S. legal counsel to the Special Committee. Appleby is serving as Cayman Islands legal counsel to the Special Committee.
UBS AG Hong Kong Branch is serving as financial advisor to JD. Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to JD. Harney Westwood & Riegels is serving as Cayman Islands legal counsel to JD.
Additional Information about the Merger
The Company will furnish to the U.S. Securities and Exchange Commission (the “SEC”) a current report on Form 6-K regarding the Merger, which will include as an exhibit thereto the Merger Agreement. All parties desiring details regarding the Merger are urged to review these documents, which will be available at the SEC’s website (http://www.sec.gov).
In connection with the Merger, the Company will prepare and mail to its shareholders a proxy statement that will include a copy of the Merger Agreement. In addition, in connection with the Merger, the Company and certain other participants in the Merger will prepare and disseminate to the Company’s shareholders a Schedule 13E-3 Transaction Statement that will include the Company’s proxy statement (the “Schedule 13E-3”). The Schedule 13E-3 will be filed with the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE SCHEDULE 13E-3 AND OTHER MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER, AND RELATED MATTERS. Shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the Merger, and related matters, without charge from the SEC’s website (http://www.sec.gov).
This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell any securities, and it is not a substitute for any proxy statement or other materials that may be filed with or furnished to the SEC should the proposed merger proceed.
About Dada Nexus Limited
Dada Nexus Limited is China’s leading local on-demand retail and delivery platform. It operates JD NOW, formerly known as JDDJ, one of China’s largest local on-demand retail platforms for retailers and brand owners, and Dada NOW, a leading local on-demand delivery platform open to merchants and individual senders across various industries and product categories. The Company’s two platforms are inter-connected and mutually beneficial. The vast volume of on-demand delivery orders from the JD NOW platform increases order volume and density for the Dada NOW platform. Meanwhile, the Dada NOW platform enables improved delivery experience for participants on the JD NOW platform through its readily accessible fulfillment solutions and strong on-demand delivery infrastructure.
For more information, please visit https://ir.imdada.cn/.
Forward-Looking Statements
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about Dada’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors, risks and uncertainties include the possibility that the Merger will not occur as planned if events arise that result in the termination of the Merger Agreement, if the expected financing for the Merger is not available for any reason, or if one or more of the various closing conditions to the Merger are not satisfied or waived, and other risks and uncertainties discussed in documents filed with the SEC by the Company as well as the Schedule 13E-3 and the proxy statement to be filed by the Company. Further information regarding these and other factors, risks and uncertainties is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of the press release, and Dada undertakes no duty to update such information, except as required under applicable law.
For investor inquiries, please contact:
Dada Nexus Limited
E-mail: ir@imdada.cn
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86-178-1749-0483
E-mail: rene.vanguestaine@christensencomms.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: linda.bergkamp@christensencomms.com
For media inquiries, please contact:
Dada Nexus Limited
E-mail: PR@imdada.cn
