VNET Shares Pop Over 11% On Takeover Offer

• U.S.-listed Chinese data center company VNET Group, Inc (NASDAQ: VNET) bagged a preliminary non-binding takeover proposal from its founder in September.

• Buyout firms CDH Investments, MBK Partners, and PAG also considered bids for VNET, Bloomberg reported.

• China Merchants Group Ltd weighed a takeover offer for Chinese data center operator Chindata Group Holdings Ltd.

• The state-owned conglomerate studied a potential bid for the Bain Capital-backed business.

• China Merchants Group reached out to prospective investors, including infrastructure funds, about backing a deal.

• Shanghai-based competitor GDS Holdings Limited (NASDAQ: GDS) and PAG, which launched a digital infrastructure platform last year, explored offers for the business.

• EQT AB-backed peer EdgeConneX studied a bid.

• Price Action: VNET shares traded higher by 11.8% at $5.10 on the last check Wednesday.

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