BEIJING, July 6, 2015 /PRNewswire/ -- Qihoo 360 Technology
Co. Ltd. ("Qihoo 360" or the "Company") (QIHU), a leading Internet
company in China, today announced
that the independent special committee of the Company's Board of
Directors (the "Independent Committee"), formed to consider the
previously announced non-binding "going private" proposal that the
Board received on June 17, 2015, has
retained J.P. Morgan Securities (Asia
Pacific) Limited as its financial advisor to assist it in
this process. The special committee has retained Skadden, Arps,
Slate, Meagher & Flom as its U.S. legal counsel, and the buyer
group proposing the going-private transaction is represented by
Kirkland & Ellis.
The Board cautions the Company's shareholders and others
considering trading in the Company's securities that no decision
has been made on the response to the proposal. There can be no
assurance that any definitive offer will be made, that any
agreement will be executed or that this or any other transaction
will be approved or consummated. The Company does not undertake any
obligation to provide any updates with respect to this or any other
transaction, except as required under applicable law.
About Qihoo 360
Qihoo 360 Technology Co. Ltd. (QIHU) is a leading Internet
company in China. The Company is
also the number one provider of Internet and mobile security
products in China as measured by
its user base, according to iResearch. Qihoo 360 also provides
users with secure access points to the Internet via its
market-leading web browsers and application stores. The Company has
built one of the largest open Internet platforms in China and monetizes its massive user base
primarily through online advertising and through Internet
value-added services on its open platform.
Forward-looking Statements
This press release contains statements of a forward-looking
nature. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward- looking statements by
terminology such as "will," "expects," "believes," "anticipates,"
"intends," "estimates" and similar statements. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations and assumptions
about Qihoo 360 and the proposal. All information provided in this
press release is as of the date of the press release, and Qihoo 360
undertakes no obligation to update any forward-looking statements
to reflect subsequent occurring events or circumstances, or changes
in its expectations, except as may be required by law. Although
Qihoo 360 believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that its expectations will turn out to be correct, and investors
are cautioned that actual results may differ materially from the
anticipated results. Further information regarding risks and
uncertainties faced by Qihoo 360 is included in Qihoo 360's filings
with the U.S. Securities and Exchange Commission, including its
annual report on Form 20-F dated April 27,
2015.
Qihoo 360 Contact:
For investor and media inquiries, please contact:
In China:
Tel: +86 10-5878-1574
E-mail: ir@360.cn
In the U.S.:
The Piacente Group, Inc.
Don Markley or Glenn Garmont
Tel: (212) 481-2050
E-mail: qihu@tpg-ir.com
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SOURCE Qihoo 360