HONG KONG (AP) ? Alibaba.com says its parent company wants to take the Chinese e-commerce company private, part of a shift in business strategy that also includes plans to buy back a stake from Yahoo Inc.
Alibaba Group Holding Ltd. said Tuesday that it is offering to buy the Hong Kong-listed shares of Alibaba.com that it doesn’t already own for 13.50 Hong Kong dollars a share. That’s 46 percent higher than the stock’s last price of HK$9.25 before it was suspended from trading on Feb. 8.
Yahoo owns about 40 percent of Alibaba Group, which in turn owns about 73 percent of Alibaba.com.
Alibaba Group has been negotiating with Yahoo to buy back its stake but those talks have stalled over the terms.