rakuten-sells-203-stake-in-ctrip

Rakuten sells 20.3% stake in Ctrip

The deal prices at a marginal 2.56% discount to Ctrip.com's August 9 price, netting $505 million for Rakuten of Japan.

JapanÆs largest online retailer, Rakuten, sold its 20.3% stake in Ctrip.com International, China's leading online travel agent, at a 2.56% discount to the stock's last traded price. Rakuten netted $505 million for the shares it has held since 2004.

Investors had Ctrip's traded price on the Nasdaq as ready reference so the seller conducted a three-day marketing exercise without an indicative price range. Investors placed orders either with or without price sensitivity.

Ctrip closed trading on August 9 at $39 and the book was fully covered, with price sensitivity, in the $38-$40 range. The company thus comfortably priced the deal at $38, according to a...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222