BEIJING (dpa-AFX) - BEST Inc. (BEST), a leading smart supply chain and logistics provider, has completed its merger with Phoenix Global Partners under a previously announced agreement. As a result, BEST Inc. is now a wholly owned subsidiary of BEST Global Partners and no longer a publicly traded company.
Shareholders approved the merger on February 18, 2025, with ADS holders receiving $2.88 per share and Class A shareholders receiving $0.144 per share. Share-based incentives were either canceled, cashed out, or rolled into equity under the new parent company.
Trading of BEST Inc.'s ADSs on the NYSE will be suspended on March 10, 2025, with a Form 25 filed for delisting and deregistration with the SEC. The company also plans to suspend SEC reporting obligations by filing Form 15.
Kroll, LLC, Skadden, Arps, Slate, Meagher & Flom LLP, and Maples and Calder (Hong Kong) LLP advised the company, while Fangda Partners, Walkers (Hong Kong), and Kirkland & Ellis represented the consortium.
Friday, BEST Inc. closed at $2.78, down 0.71%, but rose to $2.8097 in after-hours trading, gaining 1.07% on the NYSE.
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