Joyy Inc, which suffered a substantial stock price fall after the announcement by Baidu, is seeking legal advice and will 'consider all options at its disposal'.
January 03, 2024 at 04:30 AM
2 minute read
The original version of this story was published on Law.com International
Chinese technology conglomerate Baidu has called off its $3.6 billion acquisition of social media platform Joyy Inc.’s video-based entertainment live streaming business in China, YY Live.
In a filing to the Hong Kong Stock Exchange, Baidu said that its affiliated Moon SPV is exercising its right to terminate the deal as the target has failed to meet certain conditions including to obtain necessary regulatory approvals from government authorities as of December 31 last year.
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