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Provider: Reuters Investment Profile

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AutoNavi Holdings Ltd announces receipt of going private proposal from Alibaba Group Holding Limited

Monday, 10 Feb 2014 07:37am EST 

AutoNavi Holdings Ltd:Says board has received a non-binding proposal letter from Alibaba Group Holding Limited (Alibaba).Alibaba proposes a 'going-private' transaction to acquire all of the american depositary shares and ordinary shares of AutoNavi not already beneficially owned by Alibaba.Says for $21 in cash per american depositary share, each representing four ordinary shares.Alibaba beneficially owns preferred and ordinary shares of the company representing about 28 pct of the company's total issued and outstanding shares.Alibaba intends to fund 100 pct of the cash consideration payable in the transaction with its cash on hand. 

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