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Baidu Receives Non-Binding Proposal To Acquire Qiyi.com, Shares Gain 4%

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Shares of Baidu Inc (ADR) (NASDAQ: BIDU) were trading higher by more than 4 percent early Friday morning after the company received a non-binding offer to fully acquire Qiyi.com.

Baidu already owns approximately 80 percent Qiyi, a China-based internet video site.

Qiyi approached Baidu and proposed to acquire all the outstanding shares it doesn't already own in a deal that values the company at $2.8 billion.

Baidu noted in its press release that Qiyi will remain a "strategic partner" of Baidu but added that it can not make any assurances it will acquire the remainder of the company. The company has formed a special committee of independent directors to evaluate the proposal.

 

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Posted-In: Baidy China Internet Companies Qiyi.comM&A News

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