UPDATE 1-Tencent bids for Chinese car site Bitauto with JD's backing [Reuters]
BITAUTO HOLDINGS (BITA)
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Source: Reuters
Tencent bids for Chinese car site Bitauto with JD's backing - Reuters 2 Min Read (Reuters) - Tencent Holdings Ltd ( 0700.HK ) and private equity partner Hammer Capital have offered $16 per share to buy out the other shareholders in Chinese car comparison website Bitauto Holdings Ltd ( BITA.N ), valuing the company at just under $1.2 billion. The offer from the Chinese e-commerce giant came at a premium of 16.4% to Bitauto’s Thursday close and is backed by shareholders that own more than 48.5% of the company, including JD.com Inc ( JD.O ). Tencent owns a 7.81% stake in the company. The buyout offer is the latest sign of the Chinese tech giant’s determination to plough ahead with further expansion at a time when the Chinese economy is slowing and it is rich with the profits of a decade-long economic boom. It also follows a report last month that the company was in talks to purchase a 20% stake in Universal Music Group, home to the Beatles, Lady Gaga and Ariana Grande. Tencent owns
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