Acacia Partners Accuses Baidu’s Robin Li For Undervaluing iQiyi In Proposed Buyout

New York-based hedge fund Acacia Partners LP has accused Baidu Inc.'s chief executive Robin Li for buying its video unit from the Internet giant at a price far below its value, according to a letter sent to Li.

Robin Li and's chief executive Yu Gong submitted a non-binding offer in February to acquire Baidu's majority stake in iQiyi at an enterprise value of about US$2.8 billion on a debt-free and cash-free basis.

Here is Acacia Partners' letter to Mr. Li in full for an interesting read.

July 18, 2016

Dear Robin,

We write as shareholders of Baidu since September 2012; we presently own more than 2.6 million shares of the Baidu ADRs worth over $400 million. The holding period of our investmen...

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