(Telecompaper) Chinese internet search provider Baidu has announced that its board of directors has received a non-binding proposal from Robin Yanhong Li, chairman and CEO of Baidu, and Yu Gong, CEO of Qiyi.com, proposing to acquire all of the outstanding shares of Qiyi beneficially owned by Baidu based on an enterprise valuation of USD 2.8 billion for 100 percent of Qiyi on a cash-free and debt-free basis.