Comment on Qihoo 360 CEO Zhou Hongyi Proposes $9B USD Privatisation Bid by Luo Jasen

['Cate Cadell', 'More Cate Cadell', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2015-06-18 00:00:00

Chinese internet company Qihoo 360 Technology Co. has received a buyout offer of $9 billion USD from a group that includes the company’s Chairman and CEO Zhou Hongyi, they revealed yesterday. The company’s board of directors will form a separate committee to assess the deal, which proposes a buyout of $77 USD per American depositary share. According to data firm Dealogic, 11 Chinese companies listed in the U.S. have announced plans to delist, including giants such as Ctrip.com and waning social network Ren Ren. According to an internal email cited on Chinese media, Qihoo CEO Zhou Hongyi believes the company’s $8 billion USD capitalisation undervalues the company’s market potential. VC firm Sequoia Capital is among the consortium including Hongyi that plans to privatise the company.