By Colin Kellaher


American depositary shares of BEST Inc. rose more than 10% in premarket trading Monday after the provider of supply-chain services said it received a non-binding buyout proposal from a group that includes its founder and Chinese tech giant Alibaba.

BEST said the group, which currently owns around a 49% stake in the company and holds roughly 94% of its voting power, would pay $2.88 per ADS in cash for the rest of the Hangzhou, China, company, a nearly 21% premium to Friday's closing price of $2.39.

In addition to Alibaba and BEST founder Shao-Ning Johnny Chou, who currently serves as chairman and chief executive, the buyout group includes George Chow, BEST's chief strategy and investment officer; Denlux Logistics Technology Invest; BJ Russell Holdings and Cainiao Smart Logistics Investment.

BEST said its has formed a special committee of its three independent directors to evaluate and consider the proposal.

BEST ADSs were recently up 12% to $2.68 in premarket trading.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

11-06-23 0626ET