Buyer group withdraws offer to acquire Baidu's iQiyi stake

Tuesday 26 July 2016 | 10:13 CET | News
Chinese internet search provider Baidu has announced that the special committee of its board of directors has received a letter from Robin Yanhong Li, chairman and CEO officer of Baidu, and Yu Gong, CEO of Qiyi, who led a consortium of potential buyers. The letter states that the buyer group would withdraw the non-binding proposal, dated 1 February, to acquire all of the outstanding shares of online video unit Qiyi.com (iQiyi) beneficially owned by Baidu, with immediate effect. As the buyer group and Baidu had not been able to reach an agreement on transaction structure and purchase price

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Categories: Internet
Companies: Baidu
Countries: China
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