Changyou.com Receives Letter From Chairman Reaffirming Takeover Offer

(RTTNews) - Changyou.com Limited (CYOU), an online game developer and operator in China, announced Thursday that it receives a letter from Chairman Charles Zhang, regarding previous preliminary non-binding proposal to acquire the company.

It was on May 22, 2017 that the company received the proposal from Zhang for the acquisition of all outstanding shares in the registrant, including shares represented by American depositary shares, by an acquisition vehicle to be formed by Zhang.

Zhang stated that he was submitting the letter to reaffirm his commitment to the proposed transaction and to advise the Board that he is reviewing the purchase price he originally proposed.

The Proposal remains non-binding. Zhang has not indicated what his review of the purchase price might entail or what further steps, if any, he might take in that regard.

As previously announced, the Board has formed a special committee to consider and evaluate the proposal. The Special Committee cautions the shareholders that no decision has been taken yet regarding the offer, and there can be no assurance that any definitive offer will be made.