Alibaba Investment Ltd and Shen Guo Jun have offered HK$10 per Intime share. That would represent 42.25 percent more than the stock's last price of HK$7.03 on Dec. 28 when trading was suspended pending an announcement. The stock price surged 35 percent when trading resumed on Tuesday.

The Alibaba group currently holds 27.82 percent of Intime while Shen owns 9.17 percent. The pair plan to finance the purchase through internal cash resources and external debt financing.

Intime said in a statement to Hong Kong's stock exchange that Alibaba and Shen planned to explore development opportunities and implement a series of long-term growth strategies, which could affect its short-term growth.

"We don't divide the world into real or virtual economies, only the old and the new," said Alibaba Group Chief Executive Officer Daniel Zhang in a separate statement. "Those who cling on to the old ways of retailing will be disrupted."

"Our combination with Intime will enable us to tap into the long-term growth potential of a new form of retail in China powered by Internet technology and data," Zhang said.

China's retail sector is worth $4.5 trillion and is growing at 10.7 percent a year, Alibaba said. The e-commerce firm also said it was working with offline retailers to create a new shopping experience.

Alibaba initially took a stake in Intime in 2014 with an investment of $692.25 million.

Intime operates 29 department stores and 17 shopping malls in China, mainly in so-called first- and second-tier cities. In August, it posted a 21.3 percent fall in first-half profit amid declining sales, saying e-commerce had transformed the competitive landscape.

Separately, Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out his firm's plan to bring a million small U.S. businesses onto its e-commerce platform to sell to Chinese consumers over the next five years.

(Reporting by Donny Kwok; Editing by Anne Marie Roantree and Christopher Cushing)

Gildan will not take any of American Apparel's stores, but will own its brand and assume some of its manufacturing operations, the source said. The deal is subject to a bankruptcy judge approving it on Thursday, the source added.

American Apparel declined to comment, while Gildan did not immediately respond to a request for comment. The source asked not to be identified because details of the bankruptcy auction are confidential.

The auction for the retailer, famous for its sexually-charged advertising, also attracted an offer from California-based apparel maker Next Level Apparel, a source said earlier on Monday. However, Gildan won after raising its original $66 million stalking horse bid, the source added.

The bankruptcy auction also attracted interest from e-commerce giant Amazon.com Inc (AMZN.O), competitor Forever 21 Inc and brand licensor Authentic Brands Group LLC, which led a consortium to acquire Aeropostale Inc (AROPQ.PK) out of its bankruptcy last year, sources said last week.

American Apparel's struggles show the major challenges facing brick-and-mortar retailers as more consumers shop online.

Gildan plans to assume ownership of American Apparel's manufacturing plants in southern California, one of the largest garment-making operations in the United States with about 3,500 employees, sources have previously said.

The bulk of Gildan's manufacturing takes place in the Caribbean and Central America.

American Apparel filed its second Chapter 11 in November with about $177 million in debt after the failure of a turnaround plan implemented by its owners, a group of former bondholders. The company filed its first Chapter 11 in October 2015, and emerged early last year.

(Reporting by Jessica DiNapoli; Editing by Bernard Orr and Richard Pullin)

Headquartered in California, Razer was founded by Singaporean entrepreneur Min-Liang Tan.
The brand enjoys a cult status among the gaming community, who favour its sleek product designs and innovative offerings.
Gamers from around the world expressed their excitement about the device which is part of the firms Project Valerie.
"Razer always finds a way to outclass other brands. No offense to people who like other products," said Jason Vicencio.
"This device is a dream come true for every gamer on the go, no more having to cram graphics and line of vision into just one screen," commented Artie Derilo.
"I would love to open this up on an airplane while sitting in the middle seat," joked Marvin England
But other Facebook users like Malachy Hamilton questioned its design.
"What's the point in three screens? The point of a laptop is portability and being able to do work and some light gaming on the go," he said.
"For this, you'd need a beefy battery which would increase the weight, therefore making it less of a laptop."
Project Valerie is still a prototype and Razer has not yet published a possible release date or price.

The approval, said the company, consolidates into one the revised proposals to mine Centipede and Lake Way deposits, which were permitted by the previous WA government.

Under the terms of the permit, Toro Energy would need to begin mining such deposits within five years. However, uranium prices remain low, trading around $20 a pound. Last year, in fact, yellowcake became the worst performing commodity — it lost 41% of its value, touching a 12-year low of less than $18 a pound in November.

The market is not expected to pick up any time soon and its eagerly awaiting to see an anticipated increase in demand from China and India, as well as a decision on the future of Japan’s mothballed reactor fleet.

Toro now needs Federal approval, which normally follows the State decision. Its Wiluna project was the first uranium mine to win environmental approvals in Western Australia after the Liberal government overturned a ban on uranium mining in 2008. But Toro’s acquisition of the Lake Maitland deposit from Mega Uranium in mid-2013 meant the company had to go back to the drawing board in order to add the new asset to the mine plan.

While Australia does not use nuclear power itself, it is the world’s No. 3 uranium producer behind Kazakhstan and Canada.

BMW has already started work on the new factory in San Luis Potosi, Mexico. The facility will open in 2019 and produce the BMW 3 Series Sedan.
BMW says the factory will create at least 1,500 new jobs.
"The cars which will be produced in Mexico are for the global market, not only North America," the company said.
Related: Trump's Toyota attack sets off alarm bells in Japan
The German automaker has more than 30 factories in 14 countries around the world.
The South Carolina plant employs 8,800 people and is investing $1 billion to increase production capacity. About 70% of cars made there are exported globally.

“This is a long-lead business with highly capital-intensive investments—decisions that were made two, three and four years ago,” Barra said.

Last week, Trump attacked General Motors for building some of its Chevrolet Cruze compact cars in Mexico. He tweeted that the largest US automaker should make cars at home or face a hefty tariff.

GM said the imported cars represent less than five percent of the Cruze hatchbacks sold in the US. According to Barra, almost all of the sedans are built at the factory in Lordstown, Ohio.

The Detroit-based company has recently announced plans to lay off 2,000 employees at two US auto plants due to weak demand for small cars. GM is among automakers that prefer to have smaller cars manufactured in Mexico to take advantage of lower labor costs and have higher-paid American workers build more profitable trucks.

According to Barra, it is “too early to speculate” about the potential impact of any future border tax or tariff. She said the company’s strategy has much more in common with Trump’s goals for trade and jobs than differences.

“I very much look forward to being part of the solution that allows the country to be strengthened along with business, along with our manufacturing capability,” she said.

Barra is one of a group of CEOs advising Trump on economic issues. She declined to say whether has discussed the matter with him directly. People familiar with the case told the Wall Street Journal she has called Trump after his critical tweet and had a “cordial” conversation with him.

The US president-elect has repeatedly criticized local companies such as Ford and Toyota for moving jobs across the border. Trump threatened them with heavy border taxes. Last week, Ford canceled plans to build a small car factory in Mexico and announced 700 new jobs in Michigan. The company said the decision was not the result of Trump’s pressure.

Automaker Fiat-Chrysler said it would spend $1 billion in part to renovate a plant in Michigan to make some versions of its Ram pickup truck, which is currently assembled in Mexico.

Five other directors would also resign after the deal closes, Yahoo said in an filing on Monday. (bit.ly/2iXrbwn)

The company also named Eric Brandt chairman of the board, effective Jan. 9.

Verizon's $4.83 billion deal for Yahoo's core internet assets came under renewed scrutiny by federal investigators and lawmakers last month after Yahoo disclosed the largest known data breach in history.

Mayer said in July that she planned to stay at Yahoo through the transaction's close.

Yahoo said the remaining company would be renamed Altaba Inc after the deal closes.

(This version of the story corrects to "Mayer" from "Mayers" in headline)

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)

Alibaba Group Holding Ltd (BABA.N) expects the initiative to create a million U.S. jobs as each company adds a position, company spokesman Bob Christie said in a phone call.

Trump and Ma emerged from their meeting at Trump Tower in New York together. The president-elect told reporters they had a "great meeting" and would do great things together. Ma called Trump "smart" and "open-minded." He said the two mainly discussed supporting small businesses, especially in the Midwest.

Ma said that businesses such as farmers and small clothing makers could tap the Chinese market directly through Alibaba.

He called the meeting with Trump "very productive."

"We mainly talked about small business and young people and American agriculture products to china. And we also think, that the China and U.S. relationship should be strengthened, should be more friendly," he said.

(Reporting by Peter Henderson, David Alexander, Doina Chiacu and Laila Kearney; Editing by Richard Chang)