Qihoo Board Receives Acquisition Proposal; To Form Special Committee

(RTTNews) - Qihoo 360 Technology Co. Ltd. (QIHU) announced its board has received a preliminary non-binding proposal letter from Hongyi Zhou, chairman and CEO of the company, CITIC Securities Co. Ltd. or its affiliates, Golden Brick Capital Private Equity Fund I L.P., China Renaissance Holdings Limited or its affiliates and Sequoia Capital China I, L.P. and/or its affiliates, to acquire all of the outstanding Class A and Class B ordinary shares of the company not owned by them or their affiliates, including Class A ordinary shares represented by American depositary shares, for $51.33 in cash per Class A or Class B ordinary share, or $77.00 in cash per ADS.

The Board of Qihoo 360 intends to form a special committee consisting of independent directors to consider the proposal.