Youku Tudou Confirms Receipt of Preliminary Nonbinding 'Going Private' Proposal from Alibaba for $26.60/ADS in Cash

Youku Tudou Inc. YOKU today announced that its Board of Directors (the "Board") has received a nonbinding proposal, dated October 16, 2015, from Alibaba Group Holding Limited BABA for a "going private" transaction in which it would acquire all of the outstanding ordinary shares of the Company, including ordinary shares represented by American depositary shares ("ADSs," each representing 18 ordinary shares of the Company), that are not owned by Alibaba for US$26.60 per ADS in cash, subject to certain conditions (the "Transaction"). The offer price set forth in the proposal letter represents a premium of approximately 30.2% over the closing price of the ADSs as quoted by the New York Stock Exchange (the "NYSE") on October 15, 2015, the last trading day prior to this announcement, and a premium of 44.5% to the volume-weighted average closing price of the ADSs as quoted by the NYSE during the last three months. In connection with the proposal letter, certain shareholders of the Company, including Victor Koo, the Company's founder, chairman and chief executive officer, Chengwei Capital and various entities affiliated with See full press release