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Stock Market & Financial Investment News

News Breaks
February 10, 2014
06:44 EDTAMAPAlibaba offers to acquire AutoNavi for $21 per ADS in cash
Alibaba disclosed that it submitted a proposal letter to AutoNavi 's board of directors with a preliminary non-binding proposal to acquire all of the outstanding shares of the company not already owned in a going private transaction. Alibaba said it anticipates that the consideration payable in the acquisition will be $21.00 in cash per ADS. Alibaba intends to fund 100% of the cash consideration payable in the acquisition with cash on hand. It added, "Given our existing investment in the Company, we are already familiar with the Company’s business. Therefore, we will not require an extensive or lengthy due diligence process for the Acquisition, and we are in a position to rapidly commence our due diligence immediately upon receiving access to the relevant materials. We have engaged Simpson Thacher & Bartlett as international legal counsel, Fangda Partners as PRC counsel, and Maples and Calder as Cayman Islands counsel...We expect that the Board will form an independent committee to evaluate our proposal, and Alibaba’s representatives on the Board will recuse themselves from any deliberations with respect to the Acquisition. We note that Alibaba has a right of first refusal with respect to certain strategic transactions that involve the Company or its subsidiaries, including any merger or sale of the Company."
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April 11, 2014
10:10 EDTAMAPAutoNavi enters definitive agreement to be acquired by Alibaba Group
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