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Stock Alert: Sogou Spikes On Acquisition Offer

Sogou Inc. (SOGO) shares are surging on Monday morning as it received a preliminary non-binding acquisition proposal from Tencent Holdings Ltd.. The offer includes its ordinary as well as American depository shares. Upon completion of acquisition, Sogou will become a privately held, indirect wholly owned subsidiary of Tencent and its ADS will be de-listed from NYSE.

Sogou, an innovator in search in China's internet industry, said the proposal is for $9.00 per share or ADS in cash. The offer represents a premium of 56.7 percent to the closing price on July 24.

SOGO is currently trading at $8.38, up 45.74 percent from its previous close of $5.75 on 14,757,005 shares. For the 52-week period, the stock has traded in a range of $2.95 to $8.60 on average volume of 1,515,173.

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