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
Wednesday, April 16th 
The future of tape 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."

Your Next Generation Data Center Is Here! Vblock™ Systems: the world's most advanced converged infrastructure are built on the Cisco Unified Computing System with Intel® Xeon® processors. Vblock™ Systems deliver extraordinary time to market, ROI and TCO, and flexibility to meet your continually changing demands with 5X faster deployment, 96% less downtime, and 1/2 the cost. Click here to learn more.

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 under contract with NewsEdge. All rights reserved.

Tell Us What You Think
Comment:

Name:



 Business Briefing
1. Politics Test Silicon Valley, Russia
2. Motorola Sells Enterprise Biz to Zebra
3. Why Netflix Got So Blazingly Fast
4. Tech Stocks: From Giddy to Glum
5. Authors Guild Hits Back at Google

 Related Topics  Latest News & Special Reports

  How To Beat the Heartbleed Bug
  Google's Modular Phone Set for January
  CTIA Caves, Offers Kill Switch Plan
  OpenSSL Calls for More Support
  Motorola Sells Enterprise Biz to Zebra

 Technology Marketplace

Business Intelligence
Get real-time, cloud-based information services with Neustar.
 
Cloud Computing
BMC's I.T. solutions unleash the power of your business
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
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
Barium Ferrite (BaFe) is the future of tape.
 
Enterprise Hardware
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
Barium Ferrite (BaFe) is the future of tape.
 
Enterprise I.T.
BMC's I.T. solutions unleash the power of your business
 
Hardware
Protect your network with APC Smart-UPS battery backup
 
Network Security
Protect your network with APC Smart-UPS battery backup
 

Network Security Spotlight
How To Beat the Heartbleed Bug
Heartbleed headlines continue as IT admins scramble for answers no one has. Early reports of stolen personal data, including 900 social insurance numbers in Canada, are starting to trickle in.
 
After Heartbleed, OpenSSL Calls for More Support
The president of the OpenSSL Foundation says more support is needed from companies and governments that use its software so that it can better spot and fix flawed pieces of code such as Heartbleed.
 
NSC Backs Disclosing Software Vulnerabilities
Disclosing vulnerabilities in commercial and open source software is in the national interest and shouldn't be withheld unless there is a clear need, says the National Security Council.
 

Enterprise Hardware Spotlight
Vaio Fit 11A Battery Danger Forces Recall by Sony
Using a Sony Vaio Fit 11A laptop? It's time to send it back to Sony. In fact, Sony is encouraging people to stop using the laptop after several reports of its Panasonic battery overheating.
 
Continued Drop in Global PC Shipments Slows
Worldwide shipments of PCs fell during the first three months of the year, but the global slump in PC demand may be easing, with a considerable slowdown from last year's drops.
 
Google Glass Finds a Home in Medical Education, Practice
Google Glass may find its first markets in verticals in which hands-free access to data is a boon. Medicine is among the most prominent of those, as seen in a number of Glass experiments under way.
 

Mobile Technology Spotlight
CTIA Caves, Volunteers Kill Switch Plan
After bucking against the concept of a smartphone kill switch, the CTIA just announced the “Smartphone Anti-Theft Voluntary Commitment” to thwart smartphone thefts in the U.S.
 
Is Amazon Launching a 3D Smartphone?
Once known for selling books on an e-commerce platform, Amazon is now a bona fide hardware maker -- and it's reportedly rolling out an innovative smartphone with a 3D screen.
 
Review: S5 Features Useful, Less About Gimmicks
There's a lot to like about Samsung's new Galaxy S5 smartphone -- among them, its relative lack of features. Samsung chose to focus on features people might actually want, not gimmicks.
 

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.