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ATHM - Why Is Tencent Trying to Take Over Bitauto?
Autohome Inc. American Depositary Shares each representing one class A.
Tencent (OTC: TCEHY) and its private equity partner Hammer Capital recently offered to take Chinese car comparison website Bitauto(NYSE: BITA) private at $16 per share. Tencent already owns a 7.8% stake in the company, which went public in late 2010 at $12 per ADS.
Tencent's proposal is backed by Bitauto's other shareholders -- including its e-commerce partner JD.com(NASDAQ: JD) -- which own over 48.5% of the company. If the buyout is approved, Bitauto's shares will be delisted, and the company will become a private subsidiary of Tencent.