Chinese digital mapping and navigation firm AutoNavi Holdings Ltd agreed to be acquired by e-commerce firm Alibaba Group Holding Ltd (IPO-ALIB.N) in a deal valuing the company at about $1.5 billion.AutoNavi said the company's shareholders will receive $5.25 per ordinary share, or $21 per American Depositary Share. The offer represents a premium of 4.7 percent to AutoNavi's closing price on the Nasdaq on Thursday.Alibaba, which owns 28 percent of AutoNavi, offered to purchase the company in February to expand its product offerings to better compete with rivals Tencent Holdings Ltd and Baidu Inc, as China's biggest internet firms continue to chase growth by buying online businesses.
Baidu, Inc. (Baidu) is a Chinese-language Internet search provider. Shares of BIDU fell by 0.81% or $-1.23/share to $149.74. In the past year, the shares have traded as low as $83.89 and as high as $189.34. On average, 4846260 shares of BIDU exchange hands on a given day and today's volume is recorded at 4388127.
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