Unsolicited Buyout Bid Emerges for 111 Inc.
YI sits 38% above its 52-week low of $2.48.
Summary
111 Inc. has received an unsolicited, preliminary, non-binding proposal to acquire the company. The proposal was jointly submitted by co-founders and Huadeng Tech BioArray Ventures to acquire all outstanding shares at $0.226 per share or $4.52 per ADS. The buyer group intends to fund the consideration with equity capital. The board has just received the proposal and has not had opportunity to carefully review or evaluate terms. The company has a market cap of roughly $30 million and reported a Q2 revenue decline of 28% year-over-year.
Updates
· SEC 6-K — The proposal letter dated Sept. 16 offers a 29.5% premium to the Sept. 15 close and 20% to the 60-day average; co-founders hold 41.6% of share capital and 91.3% voting power.
At the time of this announcement, YI was trading at $3.43 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $29.7M. The 52-week trading range was $2.48 to $11.17. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.