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Subject: Qihoo 360 Technology Co
Excerpt: English text from the archived bilingual edition · Chinese edition
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Qihoo 360 Technology Co. Ltd. is to be de-listed from the New York Stock Exchange next Monday, one month earlier than a previously expected mid-August closing date for the private equity-backed take-private transaction, according to Chinese media reports
The departure from the New York bourse will mark the end of a 13-months process to complete the largest take-private deal of a U.S.-listed Chinese company
Back in June 2015, Qihoo 360 received a preliminary non-binding proposal from its founder and a group of investors to take it private in a deal that values the Chinese software firm at approximately US$9.3 billion
Rumors soon emerged that the buyers, including chief executive Zhou Hongyi, CITIC Securities Co. Ltd., Golden Brick Capital Private Equity Fund I, China Renaissance Holdings Limited, and Sequoia Capital China I might lower their offering price as the Chinese stock market crashed last summer
But investors held on to their original proposal, offering US$77 per American Depository Share (ADS) in cash, a premium of 16.6% to the company’s last closing price before the announcement
Qihoo 360 raised US$175 million via an initial public offering in 2011, selling 12 million shares at US$14.5 per share
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