Intime's shares up 38% after Alibaba leads offer to take it private

Intime`s shares were set to open at HK$9.70. 

Intime's shares up 38% after Alibaba leads offer to take it private
Alibaba Investment Ltd and Shen Guo Jun jointly offered to take Intime private for HK$10 per share. Photo: Reuters

Shares of Intime Retail (Group) Co Ltd were set to surge 38% when it resumes trade on Tuesday after Alibaba Group Holding Ltd joined forces with the founder of the department store operator to take it private for $2.6 billion. 

Intime`s shares were set to open at HK$9.70. Trading in the stock had been halted since December 28. 

Alibaba Investment Ltd and Shen Guo Jun jointly offered to take Intime private for HK$10 per share, representing a 42.25% premium over its last trading price of HK$7.03 each.

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Written By: Reuters
Updated: Tue, Jan 10, 2017
08:09 AM IST
Hong Kong, Reuters

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