Bain Capital offered $2.9 bln for Chindata after potential rival bids yielded nothing. Now a Chinese state-backed group has bested Bain’s offer, yet is being ignored. It’s an odd way to get the best deal all round, says AntonyMCurrie
. Its ADRs then were trading at or near their all-time low. Those mooted transactions all came to naught, probably because Bain wouldn’t play ball: with a 42% stake in the company and 87% of the votes, why would it?
To wait more than a year to lob in its own bid, though, makes it look like Bain missed the chance to buy out the other shareholders at a lower price. To complicate matters further, there’s now a second player: a unit owned by state-owned conglomerate China Merchants Group on Mondayit offered 15% more within days of Bain’s bid last month – but the special board committee set up to assess its controlling shareholder’s pitch has yet to even publicly acknowledge the rival approach.
That adds poor governance to an all-round headscratcher of a process that ought to be trying to get the best for all shareholders.A unit of state-owned China Merchants Group on July 10 said it made an all-cash bid for Chindata on June 9 that valued the Nasdaq-listed data centre company at $3.4 billion. The offer is 15% higher than one Bain Capital made on June 6.
Chindata set up a special board committee and appointed Citi as financial adviser in response to the offer from Bain, which owns around 42% of the company and controls 87% of the votes. The company has yet to acknowledge the offer from China Merchants Capital.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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