Core Viewpoint - BEST Inc. has completed its merger with Phoenix Global Partners, resulting in BEST becoming a wholly owned subsidiary and ceasing to be publicly traded [1][2]. Merger Details - The merger was approved by shareholders on February 18, 2025, and became effective on March 7, 2025 [2]. - Each American Depository Share (ADS) will be exchanged for US$2.88 in cash, while other shares will receive US$0.144 in cash per share [2]. - Share-based incentives for current and former officers, directors, employees, and consultants have been cancelled or rolled over into equity incentives of the Parent [2]. Shareholder Instructions - Registered shareholders will receive a letter of transmittal with instructions on how to surrender their shares for the merger consideration [3]. - Payment will be made to holders of shares upon surrender and delivery of required documents [3]. Trading and Reporting Changes - BEST has requested the suspension of its ADS trading on the NYSE effective March 10, 2025, and will file a Form 25 for delisting [4]. - The company plans to suspend its reporting obligations under the Securities Exchange Act of 1934 by filing a Form 15 approximately ten days after the Form 25 [4]. Legal and Financial Advisory - Kroll, LLC is serving as the financial advisor to the Special Committee, while Skadden, Arps, Slate, Meagher & Flom LLP is the U.S. legal counsel [5]. - Fangda Partners and Walkers are providing legal counsel to the Consortium and Cayman Islands, respectively [6]. Company Overview - BEST Inc. is a leading provider of integrated smart supply chain solutions and logistics services in China and Southeast Asia, focusing on technology and business model innovation [7].
BEST Inc. Announces Completion of Going Private Transaction