Get Our Free Email Newsletter
• Khadir Ahmed said: selling: Samsung PN51F5500 51-Inch 1080p 600Hz 3D Smart Plasma...
• sam sandhu said: hey friends i have order one shoping site name is...
• Carlin Ardoin said: I ordered jan 20 2014 michael kors 3 pc and no reply 409 3633706...
• Boby said: Fact: And PolRip is working for the NSA/CIA.
Predictive Analytics @ Hong Kong - 2014/03/27
IT and Security Shanghai 2014 @ Shanghai - 2014/03/31
Big Data TechCon @ Boston - 2014/03/31
SuperReturn China 2014 @ Beijing - 2014/04/07
6th Customer Loyalty Programme & CRM China Summit 2014 @ Shanghai - 2014/04/14
AnDevCon @ Boston - 2014/05/27
Anti-Corruption Compliance in China Summit 2014 @ Beijing - 2014/05/29
Cloud DevCon @ San Francisco - 2014/06/23
Anti-Trust Asia Pacific Summit 2014 @ Hong Kong - 2014/06/26
12th China International Exhibition on Public Safety and Security @ Beijing - 2014/10/28
Alibaba Plans To Buy Out AutoNavi For USD1.1 Billion
February 19, 2014 |
Print
| 
Comments | Category: Business, Internet, Telecom & Wireless
Chinese e-commerce group Alibaba revealed that the company has provided a non-binding proposal letter to AutoNavi, aiming to make it a wholly-owned subsidiary of Alibaba for USD1.1 billion.
Alibaba offers to acquire all of AutoNavi's American depositary shares and ordinary shares not already beneficially owned by Alibaba for USD21 in cash per American depositary share, each representing four ordinary shares. Alibaba currently has approximately 28% of the AutoNavi's total issued and outstanding shares. If the deal is closed, AutoNavi will become a wholly-owned subsidiary of Alibaba Group.
AutoNavi said that its board of directors had received the proposal and plans to establish an independent committee to evaluate this proposal.
In regards to the goal of this acquisition, Alibaba said that it will help improve the competitiveness of AutoNavi's map and navigation businesses, so as to further improve its customer service capacity in these sectors.
In May 2013, AutoNavi announced that the company gained USD294 million strategic investment from Alibaba. So far, the two parties have implemented cooperation in geographic data, map engine, product development, and commercialization.
Related Links:
Recommend this page: 
Loading ...Leave A Comment:
-
Security
- Goodbye Moto! Google Flips Failed Motorola Mobility Unit To China's Lenovo
- Chinese Websites Fail On DNS Outage Suspected From US Location
- Former Head Of Google Greater China Joins Qihoo 360
- China's Taobao.com Bans Sales Of Bitcoin-related Products
- Kingsoft Bestows Perpetual Office Software License On Tencent
-
Software
-
Telecom & Wireless
Copyright 2014 ChinaTechNews.com. All Rights Reserved.
A service of Asia Media Network.If you would like to syndicate these articles and posts for personal non-business use where you will not gain in any monetary way, please utilize the RSS feed for this online publication, which provides a brief summary of each post with a link back to the original article. Posting of any other part of the articles or posts on this website, in whole or in part, is expressly prohibited without express written permission from ChinaTechNews.com. No part of this website may be copied, transferred, posted, or published without the express written permission of ChinaTechNews.com or its registered agents. Content on this website, including articles, opinions, and data are protected under international copyright laws. Failure to comply with these rules will result in legal action. 
