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.

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: rakuten | ctrip | morgan stanley

Print Edition

FinanceAsia Print Edition