Alibaba finds use for jumbo loan, plots $2.4bn delisting
Alibaba Group plans to take its flagship online business private, giving it a use for some $3bn of financing it has lined up from a consortium of Asia Pacific and European banks, as its attempts to buy back a stake from Yahoo drag on.
Alibaba announced on Tuesday night that it was planning to buy back its Hong Kong-listed shares for around HK$13.50 each. That was 45.9% above the HK$9.25 closing price for that day, but the shares moved up on Wednesday, closing the day at HK$13.20.The Chinese company has already lined ...
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