HONG KONG (Reuters) - Shares of Intime Retail (Group) Co Ltd (>> Intime Retail Group Co Ltd) were set to surge 38 percent when it resumes trade on Tuesday after Alibaba Group Holding Ltd (>> Alibaba Group Holding Ltd) joined forces with the founder of the department store operator to take it private for $2.6 billion.

Intime's shares were set to open at HK$9.70. Trading in the stock had been halted since Dec. 28.

Alibaba Investment Ltd and Shen Guo Jun jointly offered to take Intime private for HK$10 per share, representing a 42.25 percent premium over its last trading price of HK$7.03 each.

(Reporting By Anne Marie Roantree; Editing by Eric Meijer)

Stocks treated in this article : Intime Retail Group Co Ltd, Alibaba Group Holding Ltd