360 Technology Co. Ltd. is to be de-listed from the New York Stock
Exchange next Monday, one month earlier than a previously expected
mid-August closing date for the private equity-backed take-private
transaction, according to Chinese media reports.
The departure from the New York bourse will mark the end of a 13-months
process to complete the largest take-private deal of a U.S.-listed
Back in June 2015, Qihoo 360 received a preliminary non-binding proposal
from its founder and a group of investors to take it private in a deal
that values the Chinese software firm at approximately US$9.3 billion.
Rumors soon emerged that the buyers, including chief executive Zhou
Hongyi, CITIC Securities Co. Ltd., Golden Brick Capital Private Equity
Fund I, China Renaissance Holdings Limited, and Sequoia Capital China I
might lower their offering price as the Chinese stock market crashed