(Corrects headline and paragraph 1 to say the deal values
AutoNavi at $1.5 bln)
April 11 Chinese digital mapping and navigation
firm AutoNavi Holdings Ltd agreed to be acquired by
e-commerce firm Alibaba Group Holding Ltd IPO-ALIB.N in a deal
valuing the company at about $1.5 billion.
AutoNavi said the company's shareholders will receive $5.25
per ordinary share, or $21 per American Depositary Share. The
offer represents a premium of 4.7 percent to AutoNavi's closing
price on the Nasdaq on Thursday.
Alibaba, which owns 28 percent of AutoNavi, offered to buy
the company in February to expand its product offerings to
better compete with rivals Tencent Holdings Ltd and
Baidu Inc, as China's biggest internet firms continue
to chase growth by buying online businesses.
(Reporting by Soham Chatterjee; Editing by Don Sebastian)