JOYY Stock Slips 12% After Baidu Scraps $3.6 Billion Deal For Live-Streaming Business
By Will Feuer
American depositary receipts tied to shares of JOYY fell after Baidu called off its $3.6 billion deal to buy JOYY's live-streaming business in China.
JOYY's Nasdaq-listed ADRs fell nearly 12% to $35.13 in premarket trading. Over the past 12 months, the ADRs were up about 26% through the end of trading on Friday.
ADRs tied to shares of Baidu fell about 2% to $116.60 in the premarket session.
The deal, which was announced in 2020, was subject to certain closing conditions, including obtaining necessary regulatory approvals from government authorities. Baidu said the closing conditions hadn't been met by the end of December.
Singapore-based JOYY said it is seeking legal advice and will consider all options at its disposal in response to the notice from Baidu. JOYY said the sale of the business was "substantially completed" in February 2021.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 02, 2024 07:19 ET (12:19 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks