Technology

BEST Inc. Enters into Definitive Agreement for “Going Private” Transaction

Published

2 years ago

June 20, 2024

HANGZHOU, China, June 20, 2024 /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 it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BEST Global Partners, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Parent”) and Phoenix Global Partners, an exempted company with limited liability incorporated under the laws of the Cayman Islands and a wholly-owned subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of Parent (the “Merger”), in a transaction implying an equity value of the Company of approximately US$54.2 million. As a result of the Merger, the Company will become an indirect, wholly owned subsidiary of Parent, which will be owned by (a) Mr. Shao-Ning Johnny Chou, the chief executive officer and chairman of the board of directors of the Company, (b) Mr. George Chow, the chief strategy and investment officer of the Company, (c) Alibaba Investment Limited, (d) BJ Russell Holdings Limited, (e) Cainiao Smart Logistics Investment Limited, (f) Denlux Logistics Technology Invest Inc., (g) IDG-Accel China Capital II L.P. and IDG-Accel China Capital II Investors L.P., (h) Sunshui Hopeson Capital Limited, (i) Mr. Shaohan Joe Chou, (j) David Hsiaoming Ting, (k) The 2012 MKB Irrevocable Trust, (l) Ting Childrens Irrevocable Trust, (m) Ting Family Trust, (n) Mr. Chen Hong, and (o) Ms. Kiu Sau Hung (collectively, the “Consortium” and each a “Consortium Member”).

Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each American Depository Share of the Company (each, an “ADS”), representing twenty (20) class A ordinary shares of the Company, par value US$0.01 each (the “Class A Shares,” together with class B ordinary shares and class C ordinary shares of the Company, collectively, the “Shares”), issued and outstanding immediately prior to the Effective Time, other than ADSs representing the Excluded Shares (as defined in the Merger Agreement), together with the Shares represented by such ADSs, will be cancelled and cease to exist in exchange for the right to receive US$2.88 in cash per ADS without interest, and each Class A Share issued and outstanding immediately prior to the Effective Time, other than the Excluded Shares, the Dissenting Shares (as defined in the Merger Agreement) and Shares represented by ADSs, will be cancelled and cease to exist in exchange for the right to receive US$0.144 in cash per Share without interest. Pursuant to the terms of the Merger Agreement, share-based incentives held by current or former officers, directors, employees and consultants of the Company will be cancelled, cashed out or rolled over into equity incentives of Parent, as applicable.

The merger consideration represents a premium of 25.2% to the closing price of the ADSs on November 2, 2023, the last day before the Company received the preliminary non-binding proposal letter from the Consortium, a premium of approximately 30.9% to the volume-weighted average closing price of the ADSs during the last 15 trading days, and a premium of approximately 28.7% to the volume-weighted average closing price of the ADSs during the last 30 trading days, in each case prior to November 3, 2023. The merger consideration represents a premium of approximately 25.2% to the closing price of the Company’s ADSs on June 18, 2024, the last trading day prior to this press release.

The Merger will be funded through a combination of (i) cash contribution from the Sponsors (as defined in the Merger Agreement) pursuant to certain equity commitment letters, and (ii) equity rollover by certain Consortium Members of certain Rollover Shares (as defined in the Merger Agreement) and ADSs they beneficially own in the Company.

The Company’s board of directors, acting upon the unanimous recommendation of a committee of independent directors established by the board of directors (the “Special Committee”), approved the Merger Agreement and the Merger, and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the Merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.

The Merger is currently expected to close during the third quarter of 2024 and is subject to customary closing conditions, including the authorization and approval of the Merger Agreement by the affirmative vote of shareholders representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy at a general meeting of the Company’s shareholders. The Consortium Members have agreed to vote all Shares they beneficially own, which represent approximately 94.5% of the voting rights attached to the outstanding Shares as of the date of the Merger Agreement, in favor of the authorization and approval of the Merger Agreement and the Merger. If completed, the Merger will result in the Company becoming a privately held company and its ADSs will no longer be listed on the New York Stock Exchange.

Kroll, LLC (operating through its Duff & Phelps Opinions Practice) is serving as the financial advisor to the Special Committee. Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to the Special Committee. Simpson Thacher & Bartlett LLP is serving as U.S. legal counsel to the Company. Maples and Calder (Hong Kong) LLP is serving as Cayman Islands legal counsel to the Company.

Fangda Partners is serving as U.S. legal counsel to the Consortium. Walkers (Hong Kong) is serving as Cayman Islands legal counsel to the Consortium. Kirkland & Ellis is serving as U.S. legal counsel to Alibaba Investment Limited and Cainiao Smart Logistics Investment Limited.

Additional Information About the Merger

The Company will furnish to the U.S. Securities and Exchange Commission (the “SEC”) a current report on Form 6-K regarding the Merger, which will include as an exhibit thereto the Merger Agreement. All parties desiring details regarding the Merger are urged to review these documents, which will be available at the SEC’s website (http://www.sec.gov).

In connection with the Merger, the Company will prepare and mail to its shareholders a proxy statement that will include a copy of the Merger Agreement. In addition, in connection with the Merger, the Company and certain other participants in the Merger will prepare and disseminate to the Company’s shareholders a Schedule 13E-3 Transaction Statement that will include the Company’s proxy statement (the “Schedule 13E-3”). The Schedule 13E-3 will be filed with the SEC. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE SCHEDULE 13E-3 AND OTHER MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER, AND RELATED MATTERS. Shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the Merger, and related matters, without charge from the SEC’s website (http://www.sec.gov).

This announcement is neither a solicitation of proxy, an offer to purchase nor a solicitation of an offer to sell any securities, and it is not a substitute for any proxy statement or other materials that may be filed with or furnished to the SEC should the proposed merger proceed.

About BEST

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/.

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,” “confident” and similar statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward looking statements involve factors, risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Such factors, risks and uncertainties include the possibility that the Merger will not occur as planned if events arise that result in the termination of the Merger Agreement, if the expected financing for the Merger is not available for any reason, or if one or more of the various closing conditions to the Merger are not satisfied or waived, and other risks and uncertainties discussed in documents filed with the SEC by the Company as well as the Schedule 13E-3 and the proxy statement to be filed by the Company. Further information regarding these and other factors, risks and uncertainties is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of the press release, and BEST undertakes no duty to update such information, except as required under applicable law.

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SOURCE BEST Inc.

Technology

BCE reports results of Series AI and AJ preferred share conversions

Published

6 minutes ago

July 23, 2026

MONTRÉAL, July 22, 2026 /CNW/ — BCE Inc. (TSX: BCE) (NYSE: BCE) today announced that all of its floating-rate Cumulative Redeemable First Preferred Shares, Series AJ (“Series AJ Preferred Shares”) will be converted on August 4, 2026, on a one-for-one basis, into fixed-rate Cumulative Redeemable First Preferred Shares, Series AI (“Series AI Preferred Shares”).

On June 16, 2026, notice was provided that holders of Series AI Preferred Shares could elect to convert their shares into Series AJ Preferred Shares and that holders of Series AJ Preferred Shares could elect to convert their shares into Series AI Preferred Shares, subject to the terms and conditions attached to those shares. A total of 1,875 of BCE’s 8,584,140 Series AI Preferred Shares were tendered for conversion on August 4, 2026, on a one-for-one basis, into Series AJ Preferred Shares. In addition, a total of 1,976,448 of BCE’s 3,514,957 Series AJ Preferred Shares were tendered for conversion on August 4, 2026, on a one-for-one basis, into Series AI Preferred Shares. As this would result in there being less than 2,000,000 Series AJ Preferred Shares outstanding, all remaining Series AJ Preferred Shares not tendered for conversion will, as per the terms and conditions attached to those shares, be automatically converted into Series AI Preferred Shares on August 4, 2026.

Registered shareholders who had elected to convert their Series AI Preferred Shares will have the share certificates representing the number of Series AI Preferred Shares tendered for conversion returned to them by TSX Trust Company.

The Series AI Preferred Shares will pay on a quarterly basis, for the five-year period beginning on August 4, 2026, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual fixed dividend rate of 5.10%. The Series AI Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbol BCE.PR.I.

About BCE
BCE is Canada’s largest communications company1, leading the way in advanced fibre and wireless networks, enterprise services and digital media. By delivering next-generation technology that leverages cloud-based and AI-driven solutions, we’re keeping customers connected, informed and entertained while enabling businesses to compete on the world stage. To learn more, please visit Bell.ca or BCE.ca.

1 Based on total revenue and total combined customer connections.

Media inquiries:
Ellen Murphy
media@bell.ca

Investor inquiries:
Krishna Somers
krishna.somers@bell.ca

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SOURCE BCE Inc.

Technology

SpringBrand Launches AI Co-Founder, Giving Sellers a Dedicated AI Agent for Pre-Sale Work

Published

6 minutes ago

July 23, 2026

Sellers bring the expertise; AI helps package the service, guide pricing, and handle initial buyer conversations.

SAN FRANCISCO, July 22, 2026 /PRNewswire/ — SpringBrand, an AI-agent-powered services marketplace, today announced the launch of AI Co-Founder, a seller-side AI agent designed to help people turn their professional skills into structured, fixed-price services. The agent assists with service packaging, pricing guidance, listing creation, buyer intake, scope clarification, and initial qualification, allowing sellers to focus on delivering their expertise.

The launch addresses a friction point familiar to a growing share of the workforce. According to a Bankrate survey, roughly one in four American adults report having a side hustle — but for many more who have considered starting one, the barrier isn’t a lack of skill. It’s the work before the work: packaging an offer, setting a price, writing a listing, and fielding inquiries from buyers who aren’t yet sure what they need.

AI Co-Founder starts by interviewing the seller to surface marketable skills and shapes them into a structured, fixed-price offer ready for the marketplace. Once published, a dedicated AI agent represents the seller to prospective buyers — fielding initial inquiries, clarifying scope, and qualifying fit before the seller is ever involved. On the buyer side, the same agent-driven model applies: buyers describe the outcome they need in plain language, and SpringBrand’s agents match the request against available services and coordinate communication through to delivery. Users approve each step.

“Many people already have knowledge or experience worth selling, but turning that expertise into a clear offer can feel like starting an entirely new business,” said Luhao Zhao, Business Development Manager at SpringBrand. “AI Co-Founder helps handle the operational work around packaging, pricing, and early buyer communication, while the seller retains the judgment, expertise, and responsibility for delivery. We believe services are moving from static listings toward agent-assisted discovery and coordination on both sides of the marketplace.”

The platform can support a wide range of skills and service formats. A home baker could turn a popular recipe into a digital guide or virtual baking class. An office professional known for improving presentations could offer a fixed-price deck review or pitch-deck polish. A student familiar with relocating to a new city could package that experience into a rental preparation checklist or a one-on-one orientation call. In each case, AI Co-Founder helps structure the offer and prepare the listing without requiring the seller to start from a blank page.

SpringBrand is open to sellers now at springbrand.ai. Listing is free on the platform’s base tier, which includes AI-assisted service creation and basic traffic data. During the launch period, SpringBrand is waiving all selling fees and offering its Pro membership — which adds priority ranking in buyer opportunities, advanced analytics, and up to 30 qualified buyer requests per day — at no cost.

About SpringBrand

SpringBrand is an AI-agent-powered services marketplace that helps people package, discover, and purchase clearly defined professional services. Buyers describe the outcomes they need in plain language, while AI agents assist with service matching, scope clarification, and communication between buyers and sellers. SpringBrand was founded in 2026 and is headquartered in San Francisco. For more information, visit springbrand.ai.

Media Contact

Luhao Zhao
BD Manager
SpringBrand AI
support@springbrand.ai

Press Contact:
Luhao Zhao
2542492894
https://springbrand.ai/

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SOURCE SpringBrand

Technology

NSW Community Services Workers Now Accessing Long Service Leave Across Multiple Employers on Appian

Published

6 minutes ago

July 23, 2026

New digital portal already supporting 180,000+ workers with more than $57 million in levy payments processed

SYDNEY, July 23, 2026 /PRNewswire/ — Long Service Corporation (LSC), a New South Wales Government statutory body, has launched a new digital application built on the Appian Platform to help community services workers across the State more easily access long service leave entitlements across multiple employers.

Delivered in partnership with Deloitte, the solution is designed to support workers employed across a broad range of services which look after the wellbeing of individuals and communities across NSW, such as housing and homelessness support, mental health services, and family and domestic violence support. Work in the sector often involves short-term employment contracts, multiple employers, and career breaks, making it difficult to maintain the continuous service traditionally required for long service leave. The new application helps approximately 250,000 workers and their 2,400 employers more easily track and manage their accrued service, ensuring they can access the entitlements they have earned over time.

Since the launch of the Appian-powered Community Services Industry portal in April 2026, more than 5,800 service returns have been submitted by nearly 2,000 employers, representing an approximate 80% completion rate. In the same period, more than 180,000 workers have been nominated into the scheme, enabling them to begin accruing portable long service leave.

LSC has already received over $57 million in levy payments, with total collections projected to exceed $100 million by 1 September 2026, highlighting the scale and momentum of the scheme. These results demonstrate the platform’s rapid impact in streamlining participation and delivering value to employers and workers. Lauren Nagel, Executive Director, LSC, said the application was designed to improve accessibility and reduce administrative complexity for both workers and employers.

“Workers and employers now have dedicated self-service portals and Long Service Corporation can also manage the scheme more efficiently and at scale,” said Nagel. “Using the application, workers and employers can securely interact with LSC through their MyServiceNSW accounts, complete identity verification, receive digital notifications, and manage service return payments online.”

The end-to-end application incorporates multiple NSW Government shared services to provide a streamlined and consistent customer experience. It also enables LSC to reduce manual administration through improved worker matching, guided self-service functionality and greater visibility across employer-worker relationships.

Kal Marshall, Area Vice President for Australia and New Zealand at Appian, said LSC has demonstrated how government agencies can modernise essential community services while improving access for workers.

“Long Service Corporation’s use case highlights how technology can help simplify highly complex administrative processes while improving outcomes for the people who rely on them most,” said Marshall. “For many community services workers, long service leave is a meaningful benefit that can be difficult to access under traditional employment models. By building a streamlined and scalable digital experience, Long Service Corporation is helping ensure workers can more easily receive the entitlements they have earned.”

Deloitte worked closely with LSC to align legislative requirements, operational processes and technical delivery throughout the project.

LSC also uses Appian Process HQ to monitor adoption, compliance and operational performance across the scheme, with future phases expected to include additional case management functionality.

Adam Karasiewicz, Partner, Deloitte, said the project combined legislative expertise with rapid technology delivery to support the rollout of the new scheme within tight timeframes.

“Portable long service leave schemes are highly specialised and require strong alignment between legislation, policy and operational delivery,” said Karasiewicz. “By combining Deloitte’s workplace integrity and policy expertise with Appian’s platform capabilities, we were able to help LSC deliver a secure, accessible and scalable solution quickly.”

About Appian

Appian provides AI automation for mission-critical work. We automate complex processes in large enterprises and governments. Our platform is known for its unique reliability and scale. We’ve been automating processes for more than 25 years and understand enterprise operations like no one else. For more information, visit appian.com. [Nasdaq: APPN]

Follow Appian: LinkedIn, YouTube, Instagram, Facebook, and X.

About Deloitte

Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entities in more than 150 countries and territories (collectively, the “Deloitte organisation”) serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 400,000 people make an impact that matters at www.deloitte.com.

About Long Service Corporation

Long Service Corporation is a NSW Government statutory authority responsible for administering portable long service leave schemes across the building and construction, contract cleaning and community services sectors. www.nsw.gov.au/longservice corporation

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SOURCE Appian