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Sequoia funds, Jumei executives withdraw proposal to take Jumei private

Chinese online beauty products retailer Jumei International Holding Ltd. said Nov. 27 that its senior management and several Sequoia funds have withdrawn their proposal to take the company private.

The company’s founder, Chairman and CEO Leo Ou Chen and co-founder, Director and Vice President of Products Yusen Dai, together with the Sequoia funds made a non-binding proposal on Feb. 17, 2016 to acquire all outstanding ordinary shares of Jumei for $7 in cash per American depositary share to take the beauty company private.

The Sequoia funds are Sequoia Capital China II L.P., Sequoia Capital China Partners Fund II, L.P. and Sequoia Capital China Principals Fund II, L.P.

Jumei said its board received a letter Nov. 27 from Chen, Dai and the Sequoia funds stating that the buyer group would withdraw its proposal with immediate effect.