Ademi LLP is investigating BEST (NYSE: BEST) for possible violations of law in its transaction with its majority control shareholder Shao-Ning Johnny Chou, the chief executive officer and chairman of the board of directors of BEST.
In the transaction, BEST shareholders will receive $2.88 in cash per ADS without interest, and each Class A Share issued and outstanding, other than the Excluded Shares, the Dissenting Shares (as defined in the Merger Agreement) and Shares represented by ADSs, will be cancelled and cease to exist in exchange for the right to receive $0.144 in cash per Share without interest. BEST insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of BEST’s board of directors, and whether they are fulfilling their duties to all shareholders and conducting the transaction properly.