Best Inc. to Go Private in Merger Deal

Dow Jones06-20

By Don Nico Forbes

Best Inc. entered into a merger agreement with Best Global Partners and Phoenix Global Partners, after which it will become a privately held company.

The logistics-solutions provider said Thursday that the transaction implies an equity value for the company of about $54.2 million, and per share represents a premium of roughly 25.2% to the closing price on June 18.

Following the merger, Best will become a wholly-owned subsidiary of Best Global Partners, with its shares no longer listed on the New York Stock Exchange.

American depository shares in Best will be cancelled in exchange for $2.88 in cash per share, the company said.

The merger is currently expected to close during the third quarter of 2024.

Write to Don Nico Forbes at don.forbes@wsj.com

(END) Dow Jones Newswires

June 20, 2024 06:30 ET (10:30 GMT)

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