Alibaba Group, China’s largest ecommerce company, has proposed to take its Hong Kong-listed unit Alibaba.com private amid a shift in strategy that is set to slow the growth of the website.
Alibaba Group owns 74 per cent of its listed subsidiary and is 40 per cent owned by Yahoo. The company is offering minority shareholders HK$13.50 per share in cash, a 60.4 per cent premium over the stock’s 60-day average closing price.
Trading in Alibaba.com shares has been suspended since February 9 pending the announcement. The group had secured a $3bn loan earlier this week that will help it complete the planned deal.
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