Newsletters
News & Information for Technology Purchasers NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
This ad will display for the next 20 seconds. Please click for more information, or scroll down to pass the ad, or Close Ad.
Home Enterprise I.T. Cloud Computing Applications Hardware More Topics...
Build Apps 5x Faster
For Half the Cost
Enterprise Cloud Computing

On Force.com
World Wide Web
24/7/365 Network Uptime
Average Rating:
Rate this article:  
Alibaba Offers To Buy AutoNavi in $1.58B Deal
Alibaba Offers To Buy AutoNavi in $1.58B Deal

 
February 11, 2014 9:37AM

    Bookmark and Share
Internet giant Alibaba has offered to take AutoNavi private, in an all-cash bid that values AutoNavi, a mapping software company, at about $1.58B. In its proposal, Alibaba said its offer gives AutoNavi's shareholders the chance to "realize superior value that is otherwise difficult for AutoNavi to achieve as a stand-alone company."
 



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.

In its proposal letter sent to AutoNavi on Monday, Alibaba said that it believes its offer gives AutoNavi's shareholders the chance to "realize superior value that is otherwise difficult for AutoNavi to achieve as a stand-alone company." Alibaba said that AutoNavi now has competitors that are bigger and well capitalized.

China-based Alibaba already owns approximately 28 percent of AutoNavi's outstanding stock. The company said in its letter that it is only interested in pursuing an acquisition and does not plan to sell its stake in AutoNavi to a third party.

Alibaba -- which Yahoo Inc. has a 24 percent stake in -- said that it plans to pay for the deal with available cash. Its offer isn't subject to a financing condition.
 


© 2014 Associated Press under contract with NewsEdge. All rights reserved.
 

Tell Us What You Think
Comment:

Name:



Salesforce.com is the market and technology leader in Software-as-a-Service. Its award-winning CRM solution helps 82,400 customers worldwide manage and share business information over the Internet. Experience CRM success. Click here for a FREE 30-day trial.


 World Wide Web
1.   Heartbleed Exploit Could Cost Millions
2.   'Like' Cheerios, Give Up Right To Sue
3.   Google Earnings, Sales Disappoint
4.   Tech Giant Alibaba Plans U.S. IPO
5.   Google Street View Unravels CAPTCHAs
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Heartbleed Could Cost Millions, Could Have Been Prevented
Early estimates of Heartbleed’s cost to enterprises are running in the millions. The reason: revoking all the SSL certificates the bug exposed will come at a very hefty price. Some say it all could have been avoided.
 
Michaels Says Nearly 3M Credit, Debit Cards Breached
Arts and crafts retail giant Michaels Stores has confirmed that a data breach at its POS terminals from May 2013 to Jan. 2014 may have exposed nearly 3 million customer credit and debit cards.
 
Google's Street View Software Unravels CAPTCHAs
The latest software Google uses for its Street View cars to read street numbers in images for Google Maps works so well that it also solves CAPTCHAs, those puzzles designed to defeat bots.
 

Navigation
NewsFactor Network
Home/Top News | Enterprise I.T. | Cloud Computing | Applications | Hardware | Mobile Tech | Big Data | Communications
World Wide Web | Network Security | Data Storage | Small Business | Microsoft/Windows | Apple/Mac | Linux/Open Source | Personal Tech
Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.