Joyy's stock slides 11% after Baidu cancels $3.6 billion all-stock acquisition

Joyy Inc.’s stock YY, +0.81% fell 11% in premarket trade Tuesday, after the Singapore-based live-streaming platform said Baidu Inc. BIDU, +1.08% has cancelled its $3.6 billion bid for the company. Baidu said in a regulatory filing that the closing conditions for the all-stock agreement had yet to be fully satisfied. “The company seeks to discuss with JOYY the next steps following the termination of the share purchase agreement,” the Chinese tech company said. Separately, Joyy said it is seeking legal advic ...