BEIJING, July 31, 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 "Board")
has formed a special committee (the "Special Committee") consisting
of Mr. Bin Gao, Ms. Jinmei He, and
Ms. Janice Lee, each an independent
director, to review and evaluate a
previously-announced non-binding proposal (the
"Proposal") included in a letter that the Board received on
July 27, 2020 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 Special Committee has
retained Goulston & Storrs PC as its United States legal counsel in connection with
its review and evaluation of the Proposal.
The Company cautions its shareholders and others considering
trading the Company's securities that 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
Tencent will make any definitive
offer to the Company, that any definitive agreement relating to the
Proposal will be entered into between the Company 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 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.
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SOURCE Sogou Inc.