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Sohu.com offers to fully acquire majority owned unit Changyou.com

Sohu.com Ltd. issued an initial nonbinding proposal to fully acquire its majority-owned unit, online game developer and operator Changyou.com Ltd.

The Chinese internet company offered to purchase all class A ordinary shares it does not already own in Changyou.com, including American depositary shares, at US$5 per share or US$10 per ADS in cash.

On completion, Changyou.com's ADSs would be delisted from the Nasdaq Global Select Market.

Changyou.com Chairman Charles Zhang previously offered to acquire all of the company's outstanding ordinary shares, citing a weaker than expected financial and operational performance as well as increased competitiveness in China's online gaming market.