Baidu Group: Related party Moon cancels share purchase agreement with Huanju Group

According to news from this site on January 1, Baidu Group mentioned in the Hong Kong Stock Exchange announcement that its affiliate Moon SPV Limited terminated its relationship with Huanju Group and other related parties by exercising its contractual rights on January 1, 2024. "Share Purchase Agreement" entered into on November 16, 2020. Baidu will discuss the next steps after the termination of the agreement with Huanju Group.

Previously, Baidu agreed to purchase the latter’s domestic video entertainment live broadcast business in China from Huanju Group. The Share Purchase Agreement provides that the closing of the proposed acquisition is subject to certain conditions precedent, including the receipt of necessary governmental regulatory approvals and other conditions, and that if the proposed acquisition does not close by the final deadline, either the buyer or the seller has the right to terminate the share purchase agreement . As of December 31, 2023, the final closing date, the conditions prerequisite to closing specified in the Share Purchase Agreement have not yet been fully satisfied.

According to the announcement, Moon will negotiate with Huanju Group to find a reasonable solution after terminating the equity acquisition agreement. Analysts believe that this announcement is a normal action after the expiration of the agreement between the two parties and will have no impact on the normal operations of YY Live.

The above is the detailed content of Baidu Group: Related party Moon cancels share purchase agreement with Huanju Group. For more information, please follow other related articles on the PHP Chinese website!