BlueCity Shares Soar On Going-Private Transaction

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  • Online LGBTQ platform BlueCity Holdings Limited BLCT has entered into a merger agreement to be acquired by a buyer group in an all-cash transaction, implying an equity value of $60 million for all shares.
  • The proposed purchase price is $3.20 per ordinary share or $1.60 per ADS in cash. 
  • Also Read: Why BlueCity Holdings Stock Is Trading Higher Today
  • The per ADS merger consideration represents a premium of 16.8% to the closing price on April 14, the last trading day before BlueCity announced its receipt of the revised "going-private" proposal.
  • The buyer group comprising Baoli Ma, Metaclass Management ELP, and the CDH Entities look to fund the merger with rollover equity and cash.
  • The merger is currently expected to close in the second half of 2022.
  • Price Action: BLCT shares traded higher by 14.3% at $1.44 in the premarket on the last check Monday.
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