Intime Plans to Delist From Hong Kong Exchange, Make Alibaba Majority Owner
(Beijing) — Department store operator Intime Retail (Group) Co. Ltd. has announced a plan to go private that will make e-commerce giant Alibaba Group Holding Ltd., its majority stakeholder.
The move comes after disappointing results at Intime following an initial equity tie-up by the pair more than two years ago.
A management-led group funded by Alibaba has offered to buy all of Intime’s shares for HK$10 ($1.29) each, representing a 42% premium over the stock’s last closing price, Intime said in a statement to the Hong Kong Stock Exchange on Tuesday. After the deal, Alibaba’s stake will increase to a majority 74% from the current 28%, according to the statement.
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