China Merchants Bids $3.4 Billion for Chindata to Challenge Bain

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Chindata operates carrier-neutral data centers in locations including China, India and Malaysia

(Bloomberg) — An arm of state-owned conglomerate China Merchants Group has made a $3.4 billion takeover bid for Chindata Group Holdings Ltd., setting up a bidding war for the Asian data center operator.

China Merchants Capital Holdings (International) Ltd. made a non-binding offer of $9.20 in cash per American depositary share, according to a statement Monday. The bid compares to a rival offer of $8 per ADS made by Bain Capital last month.