HANGZHOU, China, Nov. 23,
2023 /PRNewswire/ -- BEST Inc. (NYSE: BEST) ("BEST"
or the "Company"), a leading integrated smart supply chain
solutions and logistics services provider in China and Southeast
Asia, today announced that the independent special committee
(the "Special Committee") of the Company's board of directors (the
"Board"), formed to evaluate and consider the previously announced
preliminary non-binding proposal letter dated November 3, 2023 (the "Proposal"), has retained
Kroll, LLC as its financial advisor and Skadden, Arps, Slate,
Meagher & Flom LLP as its U.S. legal counsel.
The Special Committee is continuing its review and evaluation of
the Proposal. The Board cautions the Company's shareholders and
others considering trading the Company's securities that no
decisions have been made with respect to the Proposal. There can be
no assurance that any definitive offer will be received, that any
definitive agreement will be executed relating to the transaction
contemplated by the Proposal, or that the transaction contemplated
by the Proposal or any other similar transaction will be approved
or consummated. The Company does not undertake any obligation to
provide any updates with respect to any transaction, except as
required under applicable law.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
BEST's strategic plans contain forward-looking statements. BEST may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the "SEC"), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about BEST's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: BEST's goals
and strategies; BEST's future business development, results of
operations and financial condition; BEST's ability to maintain and
enhance its ecosystem; BEST's ability to compete effectively;
BEST's ability to continue to innovate, meet evolving market
trends, adapt to changing customer demands and maintain its culture
of innovation; fluctuations in general economic and business
conditions in China and other
countries in which BEST operates, and assumptions underlying or
related to any of the foregoing. Further information regarding
these and other risks is included in BEST's filings with the SEC.
All information provided in this press release and in the
attachments is as of the date of this press release, and BEST does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply
chain solutions and logistics services provider in China and Southeast
Asia. Through its proprietary technology platform and
extensive networks, BEST offers a comprehensive set of logistics
and value-add services, including freight delivery, supply chain
management and global logistics services. BEST's mission is to
empower business and enrich life by leveraging technology and
business model innovation to create a smarter, more efficient
supply chain. For more information, please
visit: http://www.best-inc.com/en/.
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SOURCE BEST Inc.