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Alibaba willing to give $2.6 billion form Intime Retail

Staff Writer |
Alibaba said it’s offering to take Intime Retail, a Chinese department store chain, private, in a partnership with Shen Guo Jun, founder of Intime.

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The deal, which the participants have asked the Intime board to propose to company shareholders, would have a maximum cash value of $2.6 billion, according to a statement.

Alibaba owns around 28 percent of Intime after paying $692 million for an initial stake in the publicly traded company in 2014. The companies have since integrated their properties.

If the proposed deal goes through, Alibaba will own 74 percent of Intime, according to the statement.

Intime suspended trading of its stock late in December.

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