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home / news releases / XIACY - JOYY falls after company reportedly says it has not received a formal takeover offer

XIACY - JOYY falls after company reportedly says it has not received a formal takeover offer

Xiaomi Corp ADR
JOYY Inc. (NASDAQ:YY) fell 3.1% in premarket trading after reports that the company didn't receive a formal take private offer. JOYY (YY) reportedly said it has not received any formal takeover offers, according to posts on Weibo (Google translated.) The denial comes after Reuters yesterday said the the company's top two holders are planning to take the company private in a deal that values the streaming company at about $8B. JOYY (YY) Chairman David Li and Xiaomi (OTCPK:XIACY) founder Lei Jun plan to offer $75-$100/share for the company,  according to the Reuters report, which cited people familiar. The holders expect to finalize a deal by the end of the year. Last year, Baidu (NASDAQ:BIDU) agreed to buy JOYY's China live streaming business for $3.6B.

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JOYY falls after company reportedly says it has not received a formal takeover offer
Stock Information
Company Name: Xiaomi Corp ADR
Stock Symbol: XIACY
Market: OTC
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