Alibaba Pays $2.6B to Take China Retailer Intime Private

Alibaba (BABA) - Get Report is paying $2.6 billion to take China retailer Intime private. The price represents a 56% premium over the stock's 60-day average closing price. Alibaba already has a 28% stake in Intime and will be joining forces with its founder Shen Guojun. In a statement, the company said that e-commerce is changing and is "no longer about shopping in front of a computer at home." Beijing-based Intime has 29 department stores and 17 malls throughout China. Following the deal, Alibaba would own 74% of Intime.