VNET Group jumps on report about details of $8.20/share take private offer

Nov. 02, 2022 10:35 AM ETVNET Group, Inc. (VNET)By: Joshua Fineman, SA News Editor

VNET Group (NASDAQ:VNET) rose 9.1% on a report about details about the company founder's offer to buy the Chinese data center firm for $8.20/share.
VNET founder Josh Sheng Cheng, together with Digital China Investment, has reportedly invited SOE investment fund to help in it's $8.20/share offer for VNET, according to Tencent news, UBS said in a note on Wednesday.
UBS calculated that the offer would require a total $1.2 billion to take VNET private. UBS writes that introducing an SOE fund would be a "reasonable step" given that foreign investor positioning in China is "close to a historic trough."
Recall that VNET reported the $8.20/share offer from the founder in September.
The details come after Bloomberg reported last month that that private equity firms are evaluating making offers for the Chinese data center firm. CDH Investments and PAG are evaluating possible offers for VNET (VNET).
The report also comes after Bloomberg said in late July that MBK Partners was said to be considering making an offer for VNET (VNET).