BEIJING (dpa-AFX) - Baidu Inc. (BIDU), Chinese language Internet search provider, announced that the special committee of the Company's board of directors received a letter from Mr. Robin Yanhong Li, chairman and chief executive officer of Baidu, and Mr. Yu Gong, chief executive officer of Qiyi.com, Inc., who led a consortium of potential buyers, stating that the Buyer Group would withdraw the non-binding proposal, dated February 1, 2016, to acquire all of the outstanding shares of Qiyi.com, Inc.beneficially owned by Baidu , with immediate effect.
The letter stated that as the Buyer Group and Baidu had not been able to reach an agreement on transaction structure and purchase price after rounds of discussions and negotiations, the Buyer Group had determined not to proceed with the Proposal.
Baidu noted that it will continue to support iQiyi in its continued growth and leadership in the industry.
Copyright RTT News/dpa-AFX