Dada Nexus Limited  (NASDAQ:DADA) shares are trading higher after the company received a preliminary, non-binding proposal from JD.com, Inc.(NASDAQ:JD) to acquire all shares, including ADSs, at $2.00 per ADS ($0.50 per Ordinary Share) in cash.

The offer represents a 42% premium to the last closing price before the proposal date. The Board has formed a special committee, chaired by Laura Marie Butler, to evaluate JD.com’s acquisition proposal.

The company cautions that the Board has not yet made any decisions regarding JD.com’s proposal.

There is no guarantee that a definitive offer will be made, an agreement reached, or that the proposed transaction will be approved or completed.

Notably, in 2022, JD.com received all necessary regulatory approvals to invest in Dada Nexus, as per which Dada planned to issue ordinary shares to JD.com in exchange for $546 million in cash and strategic resources.

According to a regulatory filing last year, JD.com, Inc., through its wholly-owned subsidiary, has purchased a total of 87.48 million ordinary shares and 1.875 million ADSs of Dada Nexus from Global Pinnacle Corporation, a company wholly owned by Walmart. As a result of this transaction, JD.com acquired all the shares of Dada held by Walmart and beneficially owned approximately 63.2% of Dada Nexus’ total ordinary shares outstanding.

Price Action: DADA shares are up 24.8% at $1.79 premarket at the last check Monday.

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This article JD.com Eyes Full Control Of Dada Nexus With Premium Cash Offer: Details originally appeared on Benzinga.com

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