Josh Sheng Chen enter into preliminary non-binding proposal letter to acquire VNET Group, Inc. (NasdaqGS:VNET) in a management buyout transaction for $1.2 billion on September 13, 2022. As per the transaction, Josh Sheng Chen to acquire all of the outstanding ordinary shares of the Company for $8.2 in cash per American depositary share, or approximately $1.3667 per ordinary share. The transaction will be funded with a combination of equity and debt financing. On October 14, 2022 announced that the special committee (the ?Special Committee?) of the Company?s Board of Directors (the ?Board?) has retained Kroll Securities, LLC and Kroll, LLC (operating through its Duff & Phelps Opinions Practice) as its independent financial advisor, and Davis Polk & Wardwell LLP as its independent legal counsel.

Josh Sheng Chen cancelled the acquisition of VNET Group, Inc. (NasdaqGS:VNET) on July 10, 2024.