Vnet Founder Is Said to Withdraw Offer to Take Firm Private

Chinese data center service provider Vnet Group Inc.’s founder and co-chairperson Josh Chen Sheng has withdrawn his proposal to take the company private, according to a person familiar with the matter.

Chen had offered to acquire all of the company’s outstanding ordinary shares at $8.20 per American depositary receipt in September 2022. The offer came five months after the Nasdaq-listed data center firm received a non-binding bid from private equity firm Hina Group and the Shanghai branch of Industrial Bank Co. to buy the shares at $8 apiece.

Vnet is also no longer considering the proposal made by Hina ...