Friday , October 22 2021

Didi attempted to acquire theo file with a $ 2 billion valuation. Ali has no right to veto – IT & Transportation –


In the face of reimbursement of the deposit by the user, the founder who entered the Lao Lai list had the opportunity to save money.According to information obtained by the company, Didi prepared to buy $ 500 million in shares of company F in August this year, with a valuation of $ 2 billion. Didi also has the right to buy Ofo class F shares for another $ 500 million in the same valuation in 18 months.

In the purchase of the option, the drop uses a veto, does not allow you to reach any alliance with Didi's competitors, or ofo sells more preferred shares to any competitor of Didi. .

There are a total of 5 seats on the company drawing board, where Didi will occupy 2 seats, 1 seat is owned by the management team, and the 2 remaining seats are given to other theo investors.

In addition, Didi also requires that the appointment, replacement or dismissal of the topo positions, including CEO, CFO, COO, CTO and HR leaders, be determined by Didi.

In the lawsuit, Ali intends to merge his Harrow bike with ofo, and also made several purchase intentions for ofo, but Didi used a veto to block the transaction.

Ali has no right to veto

After Dai Wei became "Lao Lai," Tencent CEO Ma Huateng said in a circle of friends that this is a right issue (veto right), but many people point to Didi and Ali.

But currently, Ali has no right of veto for the following reasons:

Earlier this year, Ali became a shareholder, and the foreign investor who insisted on the merger between Mobai and ofo and Jinshajiang's partner Zhu Xiaohu saw that it would be dangerous to continue with the company and wait to withdraw.

Ali saw the attitude of Zhu Xiaohu and had another veto power because he wanted to buy his shares and a veto.

However, Ali related people said Ali did not get all the shares of Zhu Xiaohu, and Didi used a veto to buy some of them.Therefore Ali did not get the so-called veto of a vote.

This causes Dawei to exercise voting rights on behalf of the management team in the current architecture ofo, with 1 vote of veto.

Didi and Jingwei also have veto power. However, Jingwei is a financial investor and basically does not use a one-vote veto. The key point is Didi and Dawei. But the loss of Didi and Dai Wei made the crisis.

From the dripping of the acquisition documents, the ofo is very weak in front of Didi.

In fact, the relationship between the two sides already tends to be bad. At first, Fu Qiang was the CEO of ofo, but in just 4 months, Dai Wei let the Fu Qiang leave immediately.

With the departure of Fu Qiang, there are many former ministers who are stationed in the company, the relationship between the two parties has been arrogant and since then the "Green Orange Bicycle" bicycle brand has been launched and the Xiaolan Bicycle operation business was acquired by competing directly with ofo.

In the acquisition plan for the drop toof, Didi is also preparing to help theo to introduce the Softbank, the amount of more than 200 million dollars, but the premise of the fall is to give aso price as much as possible.

There are rumors that Softbank's staff lived in a hotel in Zhongguancun for several months, concluded the onofo due diligence and decided to invest, but under the various extravagant interferences, Softbank's Sun Justice did not sign.

Didi has always emphasized to the outside world that it has never harmed the financing of OFO, but in fact Dai Wei and Didi use each other in a situation where they are not pleasing each other, so they lose the opportunity.

According to informed sources, with rapid deterioration of theo for half a year, the user withdrew the deposit, Dai Wei entered the list of Lao Lai, Didi and Ali lost interest in the acquisition ofo, and today's ofo is facing a dying fight .

Mobai and ofo are all in view for 2017

Moby and ofo were in full swing in 2017, but the industry boom led the two founders to the stage of history. As the industry calms down, Hu Wei and Dai Wei are off stage.

Just today, Mobye announced that Mobai's founder, Hu Wei, resigned as CEO and was replaced by President Liu Wei. An industry member pointed out that sharing bicycles is ultimately a game for industry giants.

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