Exclusive | Ofo’s chief executive says he would turn down a US$10 billion offer for Chinese bike sharing firm

Ofo’s chief executive Dai Wei said in an internal company meeting on Friday that while he was prepared to listen to takeover offers for the Chinese bike-sharing start-up, there probably wasn’t an offer good enough and even US$10 billion would not seal the deal, according to people who attended the meeting.

“There will be no future for the company if it is sold, except a short-term cash reward,” said Dai, according to the people, who asked not to be identified because the meeting was private. Dai also told employees that the company had not already been sold, rebutting a Chinese media report which quoted anonymous sources as saying Didi Chuxing and Ant Financial would together acquire Ofo for US$1.4 billion.

“Totally fake news. Firstly the price is not right, secondly there was no acquisition,” said Dai during the meeting. “We were severely hammered by this fake news,” he said.

Dai rejected a potential acquisition offer from ride hailing giant Didi, Ofo’s largest institutional shareholder, in May, the Post reported earlier. However, Didi restarted talks with the bike sharer recently, according to people familiar with the situation who declined to be named because the information is not public. A person familiar with the talks said Dai’s personal style as an entrepreneur had been a factor in the negotiations.

A Didi spokeswoman declined to comment.