China Merchants Capital Bids $3.4 Billion for Chindata (1)

An arm of state-owned conglomerate China Merchants Group has made a $3.4 billion takeover bid for Chindata Group Holdings Ltd., setting up a bidding war for the Asian data center operator.

China Merchants Capital Holdings (International) Ltd. made a non-binding offer of $9.20 in cash per American depositary share, according to a statement Monday. The bid compares to a rival offer of $8 per ADS from Bain Capital.

Beijing-based Chindata’s shares rose 12.3% Monday in US trading, their highest level since February. The company’s sole outstanding dollar bond maturing in 2026 jumped 3.5 cents to 100.2 cents on the ...