Data center operator, Chindata Group Holdings (NASDAQ: CD), soared in pre-market trading at the time of publishing after a Bloomberg report that Chinese Government-owned conglomerate China Merchants Group has made a bid of $3.4 billion for Chindata.
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China Merchants Capital Holdings has made a non-binding offer of $9.20 in cash per ADS of Chindata. This bid is higher than an offer of $8 per ADS from Bain Capital. The company stated last month that it had hired Citigroup as an adviser after it received a takeover proposal from Bain Capital. Bain already has a majority stake in the company and intends to take CD private.
CD stock has fallen by more than 8% year-to-date.