Chinese security specialist Qihoo 360 receives $ 9 billion takeover offer

by bold-lichterman

Qihoo 360 Technology, a Chinese company specializing in computer security, announced that it has received a takeover offer from Hongyi Zhou, the CEO, and several investment funds, including Citic Securities, Golden Brick Capital, China Renaissance Holdings and Sequoia Capital. This consortium wishes to offer 77 dollars per ADS action (American depositary share), or $ 51.33 per common share.

Valued at $ 9 billion, this operation, if successful, could constitute the big buyout of a Chinese company listed on the United States stock exchange, estimates the Wall Street Journal. Qihoo 360’s Board of Directors announces its intention to form a committee of independent directors to “review the proposal.”

Founded in 2005, Qihoo 360 develops software and applications dedicated to PC and mobile security. Listed on the New York Stock Exchange since 2011, the company is valued at over $ 8.5 billion. In 2014, she published a turnover $ 1.3 billion – up 107.2% year on year – for net income of $ 222.8 million.

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