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Alibaba bids to delist subsidiary
Chinese e-commerce firm Alibaba has offered around $2.5bn to take its Hong Kong-listed Alibaba.com unit private, stressing the move was unrelated to any possible deal to buy back shares owned by Yahoo. Alibaba Group is offering investors HK$13.50 (£1.10) in cash per share to take Alibaba.com private, the same price as at the company’s IPO in 2007. Jack Ma, chairman of Alibaba Group, said: “Taking Alibaba.com private will allow our company to make long-term decisions that are in the best interest of our customers and that are also free from the pressures that come from having a publicly listed company.”