The board of Privileged Trading has unanimously voted to reject a takeover proposal from Biangejia, a hedge fund that engages in the field of venture capital projects analysis and information media platform.

Why it matters: Alpha is one of the fastest growing LGBTQ+ platforms on both the iOS and google play store.  Biangejia takeover bid comes with a warning as the last VC Beijing Kunlun Tech Co was forced to sell to a US based parent company for a sum of $608 million.

Details: In a statement, the Privileged Trading Board said it determined that Biangejia proposal of $18 million “grossly undervalues” and is not in the best interests of the Company and its fast growing community.

  • “We remain confident in our ability to create significant value as an independent company,” said CEO Niloufar Banisaied.
  • “We have demonstrated accelerating momentum across our platform as we execute our (growth) plan,” CFO Neima Banisaied said. Alpha in September debuted as a diverse LGBTQ+ dating app with a growth strategy focused on digital transformation, accelerating subscription growth and growing our user base.”

Be smart: The news is the latest escalation in between Privileged Trading and Biangejia, which will likely continue if Biangejia decides to come back to Privileged Trading with a higher bid.