Monday, 4 Mar 2013
Nio Inc announced that the Company is expanding its business in Internet auctions by acquiring Bidou.ca in Canada. Bidou.ca is an internet auction platform similar to Nio's existing Ziinga.com and Wippy.com. The acquisition will give Nio access to Bidou's user base of around 170,000 users, mainly in the Canadian market. Nio will transfer Bidou.ca to its own internet auction platform, and move Bidou's operations to Manila, expecting reductions in overall costs going forward. No employees, lease commitments or other liabilities will be part of the transaction. Bidou.ca is owned by Les Encheres Bidou Inc., a company incorporated in Quebec, Canada. Upon closing of the transaction, Nio will issue 1 million new Nio shares as consideration for all shares in Les Encheres Bidou Inc. The number of outstanding shares in Nio after the transaction will be 150,924,309. The agreement is subject to due diligence. The acquisition is expected to be completed in March 2013.