The filing said that Alibaba's proposal assumes about 300.4 million outstanding ordinary shares of AutoNavi. In its proposal letter sent to AutoNavi on Monday, Alibaba said that it believes its offer gives AutoNavi's shareholders the chance to "realize superior value that is otherwise difficult for AutoNavi to achieve as a stand-alone company." Alibaba said that AutoNavi now has competitors that are bigger and well capitalized. China-based Alibaba already owns approximately 28 percent of AutoNavi's outstanding stock. The company said in its letter that it is only interested in pursuing an acquisition and does not plan to sell its stake in AutoNavi to a third party. Alibaba — in which Yahoo holds a 24 percent stake — said that it plans to pay for the deal with available cash. Its offer isn't subject to a financing condition.