Qihoo 360 is poised to become the largest Chinese company to delist from the US after receiving a $9bn management-led buyout offer.
The internet services group said after the close of US markets on Wednesday that it had received a “preliminary non-binding proposal” from a group led by Zhou Hongyi, Qihoo chairman and chief executive. The prospective buyers also include Citic Securities and Sequoia Capital China.
The $77 per share offer equates to a 16.6 per cent premium over Qihoo’s closing price on Tuesday, and a 32.7 per cent premium over the average over the past month.
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