YY - Why Is Joyy Stock Trading Lower Tuesday? | Benzinga
Joyy Inc (NASDAQ: YY) stock is trading lower on Tuesday following news that its proposed $3.6 billion sale of YY Live, a live-streaming business in China, to Baidu Inc (NASDAQ: BIDU) has fallen.
The deal, unveiled in November 2020, was intended to close in the first half of 2021 but lapsed without regulatory approval.
Baidu's affiliate Moon SPV terminated the share purchase agreement, citing unmet conditions, including the failure to secure support from authorities, Bloomberg reports.
This development represents a significant setback for Baidu, which had eyed the acquisition as part of ...