Why VNET (VNET) Stock Is Shooting Higher Today? - VNET Group (NASDAQ:VNET)

U.S.-listed Chinese data center company VNET Group, Inc VNET bagged a preliminary non-binding takeover proposal from its founder in September.
Buyout firms CDH Investments, MBK Partners, and PAG also considered bids for VNET, Bloomberg reported.
China Merchants Group Ltd weighed a takeover offer for Chinese data center operator Chindata Group Holdings Ltd.
The state-owned conglomerate studied a potential bid for the Bain Capital-backed business.
China Merchants Group reached out to prospective investors, including infrastructure funds, about backing a deal.
Shanghai-based competitor GDS Holdings Limited GDS and PAG, which launched a digital infrastructure platform last year, explored offers for the business.
EQT AB-backed peer EdgeConneX studied a bid.
Price Action: VNET shares traded higher by 11.8% at $5.10 on the last check Wednesday.