Alibaba’s logistics unit Cainiao proposes buyout offer for rival Best

Alibaba’s logistics unit Cainiao proposes buyout offer for rival Best

Chinese logistics company Best said on Monday that it has received a preliminary buyout proposal from a group consisting of Best founder and CEO Shao-Ning Johnny Chou on behalf of a flurry of the company’s chief figures and external companies, including Alibaba Investment and Cainiao. The buyout offer plans to acquire all of the outstanding ordinary shares in Best at a price of $0.144 per ordinary share, funded by the buyer group’s own equity capital and cash, according to Best’s statement. The proposal comes after Cainiao, the logistics arm of Alibaba, filed an IPO in Hong Kong in September that aimed to raise more than $1 billion. [Best]

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