Best Inc. announces shareholder approval of merger agreement

Best Inc. (BEST) announced that at an extraordinary general meeting of shareholders held on February 18, the company’s shareholders voted in favor of, among other things, the proposal to authorize and approve the previously announced agreement and plan of merger, dated as of June 19, 2024, among the company, Best Global Partners, an exempted company with limited liability incorporated under the laws of the Cayman Islands and Phoenix Global Partners, an exempted company with limited liability incorporated under the laws of the Cayman Islands and a wholly-owned subsidiary of parent, pursuant to which merger sub will merge with and into the company, with the company continuing as the surviving company and becoming a wholly owned subsidiary of parent, the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands in connection with the merger and the consummation of the transactions contemplated by the merger agreement and the plan of merger, including the merger. The completion of the merger is subject to the satisfaction or waiver of the conditions set forth in the merger agreement. The company will work with the other parties towards satisfying all other conditions precedent to the merger set forth in the merger agreement and completing the merger in due course. If and when completed, the merger would result in the company becoming a private company and its ADSs would no longer be listed or traded on any securities exchange or quotation system, including the New York Stock Exchange, and the company’s ADS program would be terminated.