Market Overview Falls as Company Says it is Not Going Private

Share: Falls as Company Says it is Not Going Private
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Shares of Chinese internet company (NASDAQ: SOHU) were lower on Wednesday after the company squelched market rumors that it is in talks to go private.

The company also added that it is not going to delist its common stock from the Nasdaq Stock Market. "No such discussions are in progress or currently contemplated," Chief Financial Officer Carol Yu said in a statement.

The statement from the company was in response to a report from South China Morning Post, which cited four industry sources, that said was in talks with investment banks about potential financing for a go-private transaction.

The news became public late on Tuesday, resulting in a huge, late-day rally in SOHU. The stock moved from roughly $44 to around $49 on heavy volume in the wake of the report on Tuesday. During Wednesday's trading session, SOHU has given back those gains and was last trading down around 10 percent to $43.90.

Posted-In: Carol YuNews Rumors Management Intraday Update Movers Best of Benzinga


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