BEIJING, July 15, 2013 /PRNewswire/ -- Baidu, Inc.
(NASDAQ: BIDU), the leading Chinese language Internet search
provider, today announced that it has signed a Memorandum of
Understanding ("MOU") on the Proposed Acquisition of all equity
interests in 91 Wireless Websoft Limited ("91 Wireless") from
NetDragon (HKEx:777).
(Logo: http://photos.prnewswire.com/prnh/20081103/BAIDULOGO)
Pursuant to the MOU, Baidu will purchase the entire issued share
capital of 91 Wireless for a total of US$1.9
billion. Baidu and NetDragon will further negotiate and
agree on the relevant terms of the Proposed Acquisition in the
definitive agreements by 14 August
2013 ("the Long Stop Date") to purchase NetDragon's 57.41%
equity interest in 91 Wireless. Before the signing of definitive
agreements or the Long Stop Date (whichever is earlier), NetDragon
is restricted from approaching or discussing with any third parties
the sale of 91 Wireless. Baidu intends to purchase the remaining
equity interests in 91 Wireless from other shareholders based on
terms and conditions similar to those offered to NetDragon,
provided those shareholders are willing to sell by the Long Stop
Date.
About Baidu
Baidu, Inc. is the leading Chinese language Internet search
provider. As a technology-based media company, Baidu aims
to provide the best and most equitable way for people to find
whatever they're looking for. In addition to serving individual
Internet search users, Baidu provides an effective
platform for businesses to reach potential customers. Baidu's
ADSs trade on the NASDAQ Global Select Market under the symbol
"BIDU". Currently, ten ADSs represent one Class A ordinary
share.
About NetDragon Websoft Inc.
NetDragon Websoft Inc. (HKSE: 0777) is a leading innovator and
creative force in China's online
gaming and mobile Internet industries. Established in 1999,
NetDragon is a vertically integrated developer & operator of
MMORPGs and a cutting-edge R&D powerhouse. NetDragon launched
its first self-made online game Monster & Me in 2002, followed
by multiple titles including Eudemons Online, Conquer Online and
Heroes of Might & Magic Online. It is also China's pioneer in overseas expansion,
directly operating titles in overseas markets since 2003 in
English, Spanish, Arabic and other languages. In the mobile
Internet industry, NetDragon provides China's leading marketplace for smartphone
users, offering applications and content for the most popular
mobile operating systems. NetDragon offers many well-known mobile
Internet products and services, including 91 Assistant, HiMarket,
91 Launcher, 91 Panda Reader, sj.91.com and www.hiapk.com.
About 91 Wireless Websoft Limited
Started in 2007, 91 Wireless mainly engages in the development
and operation of two leading smartphone app distribution platforms
in China, namely 91 Assistant and
HiMarket ("91 Smartphone Apps Marketplaces"), community websites,
91 Launcher, 91 Panda Reader, as well as other popular products for
smartphone users. To date, over 10 billion apps have been
downloaded through the 91 Smartphone Apps Marketplaces. According
to the iResearch 2011-2012 report, compiled by independent research
firm iResearch, 91 Wireless is the No.1 3rd party app distribution
platform in China by both active
users and accumulated downloads.
For investor inquiries please contact:
China
Victor Tseng
Baidu, Inc.
Tel: +86-10-5992-7244
Email: ir@baidu.com
Nick Beswick
Brunswick Group
Tel: +86-10-5960-8600
Email: baidu@brunswickgroup.com
U.S.
Cindy Zheng
Brunswick Group
Tel: +1-212-333-3810
Email: baidu@brunswickgroup.com
SOURCE Baidu, Inc.
