Tencent intends to acquire the remaining shares of Sogou at $9 / ads, which opened up 45.74%


On the evening of July 27, Beijing time, Sogou (NYSE: SOGO) announced today that its board of directors had received a preliminary non binding proposal letter from Tencent, which proposed to purchase all issued common shares of Sogou, including Sogou’s issued common shares representing ads, with cash of $9 per common share or ads.
If the proposed transaction can be successfully completed, Sogou will become an indirect wholly-owned subsidiary of Tencent, and Sogou ads will be delisted from the New York Stock Exchange and become a private holding company.
Sogou expects a special committee of independent directors under the company’s board of directors to evaluate the letter and the proposed transaction.
Sogou also reminded the company’s shareholders and other investors considering buying and selling Sogou shares that Sogou’s board of directors has just received the proposal letter and has not made any decision on the proposal letter and the proposed transaction. There is no guarantee that Tencent will make any final offer to Sogou and that any final agreement relating to the proposal will be reached between Sogou and Tencent, or that the proposed transaction or any other similar transaction will be approved or completed.
Sogou opened up 45.74 percent at $8.38. (Li Ming)