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Monday, February 10, 2014

Alibaba offers to purchase digital mapping company AutoNavi, (NASDAQ: BIDU)

Alibaba Group Holding Ltd, China's largest e-commerce firm, offered to acquire AutoNavi Holdings Ltd in a deal valuing the Chinese digital mapping and navigation firm at $1.45 billion.Alibaba has been trying to expand its product line-up to better compete with Chinese rivals Tencent Holdings Ltd and Baidu Inc, particularly on mobile devices.AutoNavi said on Monday that Alibaba had offered to purchase the 72 percent of the company that it did not already own for $21 per American depository share.The offer represents a premium of 27 percent to AutoNavi's Friday close of $16.54 on the Nasdaq.

Baidu, Inc. (Baidu) is a Chinese-language Internet search provider. Shares of BIDU remained unchanged at $161.14. In the past year, the shares have traded as low as $82.98 and as high as $185.50. On average, 3506490 shares of BIDU exchange hands on a given day and today's volume is recorded at 100.