Changyou.com Limited's board formed a special committee to review a nonbinding acquisition proposal that it recently received from its Chairman Charles Zhang.
The special committee comprises three independent and disinterested directors: Dave De Yang, Charles Chan and Xiao Chen. The special committee plans to engage independent financial and legal advisers to help the committee in the review and evaluation process.
Zhang, who is the chairman of the Sohu.com Inc.-owned company, made the nonbinding proposal to buy all the outstanding class A and class B ordinary shares of Changyou.com including the class A ordinary shares represented by American depositary shares, or ADS, of the unit. Zhang offered $21.05 in cash for each class A or class B ordinary share, or $42.10 in cash per ADS.