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Why Is Tencent Trying to Take Over Bitauto?

TheMotleyFool

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Why Is Tencent Trying to Take Over Bitauto?Photo, wide shot, wide-angle lens, Private equity firm, sunset photo at golden hour, photo by Thomas Heaton: https://img.theapi.app/temp/6a5872d8-cc25-46f8-b436-bf3db1953908.png

Tencent (OTC: TCEHY) and its private equity partner Hammer Capital recently offered to take Chinese car comparison website Bitauto (NYSE: BITA) private at $16 per share. Tencent already owns a 7.8% stake in the company, which went public in late 2010 at $12 per ADS.

Tencent's proposal is backed by Bitauto's other shareholders -- including its e-commerce partner JD.com (NASDAQ: JD) -- which own over 48.5% of the company. If the buyout is approved, Bitauto's shares will be delisted, and the company will become a private subsidiary of Tencent.

Image source: Getty Images.

Source Fool.com

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