Last night (03 Apr 2018), Mobike shareholder meeting voted in favor of the Meituan acquisition, The Beijing News has reported (in Chinese). The Chinese group buying site Meituan agrees to acquire the bike rental company Mobike for 35% in equity and 65% in cash, of which $320 million will be used for future liquidity needs. Details revealed A- and B-round investors and the Mobike founding team is exiting the company with $750 million in cash. A source at Meituan has confirmed the purchase to TechNode. According to the Beijing News, some founding team members did not want to sell and were forced to leave the company.

In a WeChat post, Hu Weiwei, Mobike’s co-founder and president, wrote: “There is no such thing as being ‘voted out,’ from my perspective everything is a new beginning.”

Yesterday, rumors and unconfirmed details about Meituan acquiring Mobike for $3.7 billion were circulating on Chinese social media. Later in the evening, local media reported that Meituan was in talks with Mobike to buy a large share of the bike-rental business. However, the Mobike team denied the validity of the rumor (in Chinese) in the media chat group.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.