HONG KONG: E-commerce firm Alibaba Group Holding Ltd and the founder of Intime Retail Group Co Ltd have jointly bid to take the Chinese department store operator private for HK$19.79bil (RM11.4bil), the partners said on Tuesday.
Alibaba Investment Ltd and Shen Guo Jun have offered HK$10 (RM5.70) per Intime share. That would represent 42.25% more than the stock's last price of HK$7.03 (RM4.04) on Dec 28 when trading was suspended pending an announcement. The stock price surged 35% when trading resumed on Tuesday.
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