TECH - Alibaba Halts Ling Shou Tong Operations Proposes $3.75B Cainiao Share Purchase Amid Global Expansion Plans | Benzinga
Alibaba Group Holding Limited (NYSE:BABA) and its logistics subsidiary, Cainiao Smart Logistics Network Limited, announced the withdrawal of Cainiao’s initial public offering and listing application on the Hong Kong Stock Exchange.
Concurrently, Alibaba Group has proposed an offer to Cainiao’s minority shareholders, including its employees, allowing them to sell their shares to Alibaba Group at $0.62 per share, valuing the total consideration at up to $3.75 billion.
Shareholders can accept this cash offer or retain their shares in Cainiao.
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Alibaba Group holds approximately 63.7% of Cainiao’s fully diluted ...