Date
27 May 2017
Qihoo's chairman and CEO Zhou Hongyi has offered to buy out minority shareholders at US$77 per American depositary share. Photo: Bloomberg
Qihoo's chairman and CEO Zhou Hongyi has offered to buy out minority shareholders at US$77 per American depositary share. Photo: Bloomberg

Qihoo receives US$9 bln buyout offer from CEO-led group

Chinese internet-services provider Qihoo 360 Technology Co. said on Wednesday that it received a buyout offer from a group led by its chief executive Zhou Hongyi, the Wall Street Journal reported.

The Zhou-led consortium is offering minority shareholders US$77 per American depositary share, in a deal worth about US$9.01 billion, according to the report.

The offer represents a 17 premium over Qihoo’s Tuesday closing price of US$66.05.

If successful, it would be the largest privatization deal of a US-listed Chinese company, the Journal noted.

The Zhou-led buyout group is said to include Citic Securities, Golden Brick Capital Private Equity Fund I, China Renaissance Holdings and Sequoia Capital China.

Zhou, who is also Qihoo’s chairman, current owns about 16 percent stake in the company.

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