JD.com Proposes to Acquire Dada Nexus for $2.0 Per ADS, Offering a 42% Premium

Author: Benzinga Newsdesk | January 27, 2025 07:11am

Dada Nexus Limited (NASDAQ:DADA, "Dada" or the "Company"))), China's leading local on-demand retail and delivery platform, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter (the "Proposal Letter"), dated January 25, 2025, from JD.com, Inc. ("JD" or the "Buyer"), to acquire all of the outstanding ordinary shares of the Company (the "Ordinary Shares"), including the Ordinary Shares represented by the American Depositary Shares of the Company (the "ADSs", each representing four Ordinary Shares), that are not already beneficially owned by the Buyer for a proposed purchase price of US$2.0 per ADS, or US$0.5 per Ordinary Share, in cash (the "Proposed Transaction"). The proposed price represents a premium of approximately 42% to the closing price on the most recent trading day prior to the date of the Proposal Letter. A copy of the Proposal Letter is attached hereto as Exhibit A.

The Board has formed a special committee (the "Special Committee") consisting of three independent and disinterested directors, Baohong Sun, Laura Marie Butler and Jian Han, to evaluate and consider the Proposed Transaction. Laura Marie Butler will chair the Special Committee. The Special Committee intends to retain advisors, including an independent financial advisor and independent legal counsel, to assist it in its evaluation.

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