111 receives $4.52 ADS take-private offer
- 111 (NASDAQ:YI) received a preliminary proposal from a buyer group to take the company private at $4.52 per ADS in cash.
- The proposal values remaining Class A ordinary shares at $0.226 per share and has not been evaluated by the company’s board.
- 111 said there is no assurance that a definitive offer, agreement or transaction will be completed.
111 (NASDAQ:YI) received an unsolicited, preliminary and non-binding proposal from a buyer group to acquire all outstanding Class A ordinary shares not already owned by the group and take the company private.
The buyer group proposed paying US$0.226 per Class A ordinary share, equivalent to US$4.52 per American depositary share (ADS), in cash, following 111’s recent financial results and ongoing business restructuring efforts.
The buyer group consists of 111 co-founders and co-chairmen Dr. Gang Yu and Mr. Junling Liu, who also serves as chief executive officer, together with Huadeng Tech BioArray Ventures.
The proposal states that the transaction consideration would be funded through equity capital, including rollover equity and cash contributions from the sponsor or its affiliates, while 111’s board said it has only recently received the proposal and has not evaluated it.
111 operates a healthcare-focused digital platform that connects consumers, pharmaceutical companies and healthcare providers through online services and marketplace operations.
The company said there is no assurance that the proposal will lead to a definitive offer, agreement or completed transaction, and the board will review the proposal in accordance with its duties.
