BEIJING, July 27, 2020 /PRNewswire/ -- Sogou Inc. (NYSE:
SOGO) ("Sogou" or the "Company"), an innovator in search and a
leader in China's internet
industry, announced that today its board of directors (the "Sogou
Board") received a letter (the "Proposal Letter") containing a
preliminary non-binding proposal from Tencent Holdings Limited ("Tencent") for Tencent to acquire all of the outstanding
ordinary shares, including ordinary shares represented American
depositary shares ("ADSs"), of Sogou that are not already owned by
Tencent or its affiliates for
US$9.00 in cash per ordinary share or
ADS (the "Proposed Transaction"). The Proposed Transaction, if
completed, would result in Sogou becoming a privately-held,
indirect wholly-owned subsidiary of Tencent, and Sogou's ADSs would be delisted from
the New York Stock Exchange. A copy of the Proposal Letter is
attached hereto as Exhibit A.
The Company expects that a special committee of the Sogou Board,
composed solely of independent directors, will consider the
Proposal Letter and the Proposed Transaction. The Company cautions
the Company's shareholders and others considering trading the
Company's securities that the Sogou Board has just received the
Proposal Letter and has not made any decisions with respect to the
Proposal Letter and the Proposed Transaction. There can be no
assurance that Tencent will make any
definitive offer to Sogou, that any definitive agreement
relating to the Proposal Letter will be entered into between Sogou
and Tencent, or that the Proposed
Transaction or any other similar transaction will be approved or
consummated.
The Company does not undertake any obligation to provide any
updates with respect to this or any other 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 Tencent will make any
definitive offer to the Company, that any definitive agreement
relating to the Proposal Letter will be entered into between the
Company and Tencent; or that the
Proposed Transaction or any other similar transaction will be
approved or consummated.
About Sogou
Sogou Inc. (NYSE: SOGO) is an innovator in search and a leader
in China's internet industry. With a mission to make it
easy to communicate and get information, Sogou has grown to become
the second-largest search engine by mobile queries and the fourth
largest internet company by MAU in China. Sogou has a wide
range of innovative products and services, including the Sogou
Input Method, which is the largest Chinese language input software
for both mobile and PC. Sogou is also at the forefront of AI
development and has made significant breakthroughs in voice and
image technologies, machine translation, and Q&A, which have
been successfully integrated into our products and services.
For investor enquiries, please contact:
Jessie Zheng
Sogou
Investor Relations
Tel: +86 10 5689 8068
Email: ir@sogou-inc.com
Exhibit A
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SOURCE Sogou Inc.