BEIJING, July 27, 2017 /PRNewswire/ -- Changyou.com
Limited ("Changyou" or the "Company") (NASDAQ: CYOU), a leading
online game developer and operator in China, today announced that the special
committee (the "Special Committee") of the Company's board of
directors (the "Board") has retained Duff & Phelps (Duff &
Phelps Securities, LLC and Duff & Phelps, LLC) as its financial
advisor and Skadden, Arps, Slate, Meagher & Flom as its
United States legal counsel in
connection with its review and evaluation of the
previously-announced non-binding proposal (the "Proposal") that the
board of directors of the Company received on May 22, 2017 from Dr. Charles Zhang, the Chairman of the Board, for
the acquisition of all outstanding shares in the Company, including
shares represented by American depositary shares, by an acquisition
vehicle to be formed by Dr. Zhang.
The Special Committee currently consists of Dr. Xiao Chen and Mr. Charles Chan, each being an independent director
of the Company and disinterested from Dr. Zhang and his affiliates.
Dr. Chen has been elected the Chairman of the Special
Committee. Mr. Dave De Yang
resigned from the Special Committee, effective June 27, 2017, to focus on his services to the
special committee of the board of directors of Sohu.com Inc., the
Company's controlling shareholder, in connection with the
transactions contemplated by the Proposal.
The Special Committee is continuing its review and evaluation of
the Proposal. The Company cautions its shareholders and others that
the Proposal is non-binding and incomplete, and that
neither the Board nor the Special Committee has made any decision
with respect to the Company's response to the Proposal. There can
be no assurance that any definitive offer relating to the Proposal
will be made, that any definitive agreement relating to the
Proposal will be entered into by the Company, or that a transaction
based on the Proposal or any other similar transaction will be
consummated. The Company does not undertake any obligation to
provide any updates with respect to this or any other proposed
transaction, except as required under applicable law.
Safe Harbor Statement
This announcement may contain forward-looking statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. The Company cautions you that a number of important
factors could cause actual results to differ materially from those
contained in any forward-looking statement. There can be no
assurance that any definitive offer relating to the Proposal will
be made, that any definitive agreement relating to the Proposal
will be entered into by the Company, or that a transaction based on
the Proposal or any other similar transaction will be approved or
consummated.
About Changyou
Changyou.com Limited (NASDAQ: CYOU) is a leading developer and
operator of online games in China
with a diverse portfolio of popular online games, such as
Tian Long Ba Bu ("TLBB"), one of the
most popular PC games in China, as
well as a number of mobile games. Changyou also owns and operates
the 17173.com Website, a leading game information portal in
China. Changyou began operations
as a business unit within Sohu.com Inc. (NASDAQ: SOHU) in 2003, and
was carved out as a separate, stand-alone company in December 2007. It completed an initial public
offering on April 7, 2009. Changyou
has an advanced technology platform that includes advanced 2.5D and
3D graphics engines, a uniform game development platform, effective
anti-cheating and anti-hacking technologies, proprietary
cross-networking technology and advanced data protection
technology. For more information, please visit
http://ir.changyou.com.
For investor and media inquiries, please contact:
In China:
Ms. Margaret Shi
Investor Relations
Phone: +86 (10) 6192-0800
E-mail: ir@cyou-inc.com
In the United
States:
Ms. Linda Bergkamp
Christensen
Phone: +1 (480) 614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE Changyou.com Limited