Alibaba Offers to Buy AutoNavi in $1.58b Deal
Alibaba Group Holding Ltd. is offering to take Chinese digital mapping and navigation company AutoNavi private in a deal that values the entire business at approximately $1.58 billion.
AutoNavi’s stock surged more than 27 percent in Monday premarket trading. The company said that it plans to form a committee of independent directors to consider the proposal.
Alibaba said in a regulatory filing that it will pay $21 per American depository share, or $5.25 per ordinary share. Each ADS represents four ordinary shares.
The filing said that Alibaba’s proposal assumes about 300.4 million outstanding ordinary shares of AutoNavi Holdings Ltd.
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