Qihoo 360 Technology to Be Taken Private in $9.3 Billion DealBy
HONG KONG — The Qihoo 360 Technology Company, a Chinese Internet security firm, said on Friday that it had agreed to be taken private and bought by a consortium of investors for about $9.3 billion.
The deal represents a premium of 16.6 percent to the closing price of the company’s American depositary shares on June 16, the day before it proposed going private. It also represents a premium of 32.7 percent to the average closing price of the company’s depositary shares in the 30 days before the proposal.
Each class A and class B share in China will be exchanged for $1.33 in cash, and each American depositary share will be exchanged for $77. Depositary shares allow investors outside China to own a stake in Chinese businesses more easily…
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