BEIJING, Oct. 17, 2019 /PRNewswire/ -- Changyou.com
Limited ("Changyou" or the "Company") (NASDAQ: CYOU), a leading
online game developer and operator in China, today announced that its board of
directors (the "Board") has formed
a special committee (the "Special Committee") consisting of Dr.
Xiao Chen and Mr. Charles Chan, each an independent director, to
review and evaluate a previously-announced non-binding proposal
that the Board received on September 9,
2019 from Sohu.com Limited ("Sohu") (NASDAQ: SOHU), a
Cayman Islands company and the
ultimate controlling shareholder of Changyou, to acquire all of the
outstanding Class A ordinary shares of Changyou, including Class A
ordinary shares represented by American depositary shares ("ADSs"),
each representing two Class A ordinary shares, that are not already
owned by Sohu for a purchase price of $5.00 per Class A ordinary share, or $10.00 per ADS, in cash (the "Proposal"). The
Special Committee has retained Houlihan
Lokey (China) Limited 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 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.
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 Sohu 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 Sohu; or that the Proposed
Transaction 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 Limited (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:
Mr. Yujia Zhao
Investor Relations
Tel: +86 (10) 6192-0800
E-mail: ir@cyou-inc.com
In the United
States:
Ms. Linda
Bergkamp
Christensen
Phone: +1 (480) 614-3004
E-mail: lbergkamp@ChristensenIR.com
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SOURCE Changyou.com Limited