- JD.com Inc JD subsidiary, JD Property, agreed to acquire a 26.4% stake in China Logistics Property Holdings at a valuation of $2.1 billion (HK$16.4 billion), Bloomberg reports.
- The proposed offer price of $513.45 million (HK$3.99 billion) or HK$4.35 per share represents a premium of 7.4% above the company's Wednesday closing price of HK$4.05, as per the Reuters report.
- The transaction will increase JD.com's stake in China Logistics to a 35.8% stake in China Logistics, accomplishing the Hong Kong takeover code to make a general offer for the whole company.
- The transaction will bolster JD.com's position in the e-commerce arena, dominated by a player like Alibaba Group Holding Ltd BABA.
- Price Action: JD shares traded lower by 1.25% at $79.24 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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