Alibaba Pushes For AutoNavi Takeover With $1.6B Bid

Law360, New York (February 10, 2014, 4:02 PM EST) -- Chinese e-commerce giant Alibaba Group Holding Ltd. made a $1.58 billion cash offer to take over AutoNavi Holdings Ltd., contending in a letter Monday that the acquisition would help the mapping and navigation company stand its ground against big-name competitors.

Under the terms of the proposal, Alibaba would hand over $5.25 per common share and $21 per American depository receipt in an all-cash transaction that would take China-based AutoNavi private, according to the offer letter sent to AutoNavi's board of directors.

Picking up the mapping and...
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