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UPDATE 1-Autohome CEO makes buyout offer that beats top investor's valuation

Published 16/04/2016, 07:20 am
© Reuters.  UPDATE 1-Autohome CEO makes buyout offer that beats top investor's valuation
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(Adds details on Telstra-Ping An deal, background, shares)

April 15 (Reuters) - China's Autohome Inc ATHM.N on Friday was made an offer to be acquired by a consortium that includes its chief executive and private equity firms in a deal that values the automobile information website operator at $3.57 billion.

The offer comes hours after Australian phone company Telstra Corp Ltd TLS.AX valued Autohome at about $3.35 billion through a deal to sell a 47.7 percent stake in the company to Chinese insurer Ping An Insurance Group Co 601318.SS . consortium's non-binding offer of $31.50 per Autohome American Depository share is a discount of 2 percent to the stock's close on Friday, but is more than the $29.55 which Ping An will pay Telstra for each Autohome share.

Autohome's shares were down 1.4 percent at $31.70 in after-hours trading following the consortium's statement. They closed up 6.6 percent at $32.14 in regular trade, boosted by Telstra's announcement, which was made before U.S. markets opened.

The consortium includes Autohome Chief Executive James Qin, private investment firms Boyu Capital and Sequoia China as well as investment firm Hillhouse Capital, they said in a statement.

The consortium said it intends to finance the deal with equity from its members as well as bank financing. said it would retain a 6.5 percent stake in Autohome after completing the deal with Ping An. did not immediately reply to calls and an email from Reuters seeking comment.

Autohome has been controlled by Telstra since its U.S. market debut in 2013. The company was valued at about $3.2 billion then.

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