Internet pioneer Sohu is offering to buy out minority investors in a U.S.-listed gaming subsidiary for a near-70% premium. The move looks opportunistic. Others may take the cue. mak_robyn
Chinese search-engine to video-streaming group Sohu on Sept. 9 made an offer to buy out minority shareholders in online game developer Changyou.com, a U.S.-listed subsidiary. Sohu has offered $5 per ordinary share and $10 per American Depositary Share, in cash, a 69% premium to the closing price of the ADS on Sept. 6.
The deal, if completed, would turn Changyou.com into a privately held, wholly owned subsidiary of Sohu. Sohu holds over 90% of total voting power. Changyou said a special committee of its board, composed solely of independent directors, would consider the proposed transaction.
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