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 Qiyi.com'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...
This news article comes via , who is the copyright owner of this information and news. FintekAsia.com has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of China Money Network
