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Youku Tudou (YOKU) Stock Skyrockets on $3.6 Billion Alibaba Offer

NEW YORK (TheStreet) -- Youku Tudou (YOKU - Get Report) stock is spiking by 22.93% to $25.11 in early morning trading on Friday, after online retailer Alibaba (BABA) offered $3.6 billion in cash for the rest of the video site's shares.

Alibaba made a non-binding proposal to the Beijing-based company to buy the remainder of its outstanding shares for $26.60 per American depositary share, according to a statement. Alibaba already owns 18.3% of Youku Tudou.

Alibaba's bid of $26.60 per share represents 30% more than Thursday's closing price, according to Bloomberg.

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Through the acquisition, Alibaba hopes to expand its digital entertainment offering, according to the statement. More than 461 million people streamed video in China as of June, and Youku had roughly 286 million unique visitors in August, Bloomberg reports.

Youku founder Victor Koo would continue to lead the company as CEO under the agreement.

Separately, TheStreet Ratings team rates YOUKU TUDOU INC as a Sell with a ratings score of...