Beijing (PingWest)- Chinese media giant Sohu has proposed a plan to take Nasdaq-listed gaming company Changyou.com private, making it a wholly owned subsidiary, according to a Sohu’s filing with the U.S Securities and Exchange Commission on Monday.
Sohu is already a major shareholder of Changyou, owning all of Changyou’s outstanding Class B ordinary shares. Sohu expects to purchase all of Changyou’s outstanding Class A ordinary shares, including those represented by American Depositary Shares (ADSs) it has yet to purchase, at $5 per Class A ordinary share, or $10 per ADS, in cash.
The proposal is pending Changyou’s consideration, and might involve further negotiations between the two companies. If Changyou accepts the proposal, it will delist from the Nasdaq upon the deal’s completion