Qihoo 360 Investors Approve Merger Agreement, Company To Be Acquired By Consortium Of Investors For $9.3 Billion

Shares of Qihoo 360 Technology Co Ltd QIHU were trading higher by nearly 1 percent at $76.15 early Wednesday morning after the company confirmed its shareholders approved a merger agreement. Qihoo 360 entered into a definitive merger agreement on December 18, 2015, with a consortium of investors to be acquired for $77.00 in cash per ADS, valuing the entire company at approximately $9.3 billion. Related Link: Chinese Buyouts Of U.S. Listed Chinese Firms Are Increasing: Digging Into The Data Image Credit: Public Domain

The consortium was led by Hongyi Zhou, Qihoo 360's chairman and CEO and Xiangdong Qi, the company's director and president.

The merger consideration represents a premium of 16.6 percent of the closing price of Qihoo 360's ADSs on June 16, 2015, the last trading day prior to the initial proposal.

Qihoo 360 noted that approximately 99.8 percent of the total votes cast during a special general meeting were in favor of the proposal to authorize and approve the merger agreement.