CIO Today

CIO Today Network Sites:   Top Tech News  |   CIO Today   |   Mobile Tech Today   |   Data Storage Today
Daily Briefing for Technology's Top Decision-Makers
Thursday, April 24th 
Next Generation Data Center Is Here!
This ad will display for the next 20 seconds. Please click for more information, or scroll down to pass the ad, or Close Ad.
Trending Topics:   Security Heartbleed Big Data Cloud Computing Windows XP Data Centers OS X Mavericks
Home
Enterprise Software
Enterprise Hardware
Big Data
Network Security
Cloud Computing
CRM Systems
Data Storage
Operating Systems
Communications
CIO Issues
Mobile Tech
Chips & Processors
World Wide Web
Business Briefing
After Hours
Press Releases
 
Free Newsletters
Top CIO News
 
Mobile Tech Today
 

Business Briefing

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."

BMC is redefining the relationship between I.T. and business. Now I.T. can provide easy access to business services, support and applications -- anywhere, anytime, and from any device. Meaning a more efficient business and an even more innovative I.T. Learn more here.

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 syndicated under contract with NewsEdge. All rights reserved.

Tell Us What You Think
Comment:

Name:



 Business Briefing
1. AT&T in $500M Net Video Partnership
2. High Court To Hear Aereo Dispute
3. Aereo CEO Speaks Out on Future
4. Uber Meets Local Lookalikes in Asia
5. Otherworldly Ambitions of Elon Musk

 Related Topics  Latest News & Special Reports

  IBM Targets Big Data with Power8 Line
  Opera Coast Offers Safari Alternative
  FCC Defends Internet Traffic Proposal
  Fund Seeks To Head Off Heartbleeds
  Salesforce Developing App SOS Button

 Technology Marketplace
Business Intelligence
Get real-time, cloud-based information services with Neustar.
 
Cloud Computing
Next Generation Data Center Is Here! Vblock™ Systems from VCE
 
Contact Centers
HP delivers the future of the contact center with HP Qfiniti 10.
 
Data Storage
Next Generation Data Center Is Here! Vblock™ Systems from VCE
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Enterprise Hardware
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Hardware
Protect your network with APC Smart-UPS battery backup
 
Network Security
Protect your network with APC Smart-UPS battery backup
 

Network Security Spotlight
Tech Giants Fund Initiative To Prevent Future Heartbleeds
Can more funding prevent Heartbleed vulnerabilities in future open-source software? A new Core Infrastructure Initiative at the Linux Foundation is attempting to find out.
 
What Verizon's Data Breach Report Can Teach Enterprises
It’s probably not a jaw-dropper, but cyberespionage is officially on the rise. And the use of stolen or misused credentials is still the leading way the bad guys gain access to corporate information.
 
Top Cyberthreats Exposed by Verizon Report
Beyond Heartbleed, there are cyberthreats vying to take down enterprise networks, corrupt smartphones, and wreak havoc on businesses. Verizon is exposing these threats in a new report.
 
Navigation
CIO Today
Home/Top News | Enterprise Software | Enterprise Hardware | Big Data | Network Security | Cloud Computing | CRM Systems
Data Storage | Operating Systems | Communications | CIO Issues | Mobile Tech | Chips & Processors | World Wide Web
Business Briefing | After Hours | Press Releases
Also visit these Enterprise Technology Sites
Top Tech News | CIO Today | Mobile Tech Today | Data Storage Today

Services:
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About CIO Today Network | How To Contact Us | Article Reprints | Services for PR Pros (In partnership with NewsFactor) | Top Tech Wire | How To Advertise

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