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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Tencent Holdings Limited    700   KYG875721634

TENCENT HOLDINGS LIMITED

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Shareholder Tencent offers to take Sogou private

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07/27/2020 | 11:02am EDT

China's Sogou Inc said on Monday shareholder Tencent Holdings has made a preliminary offer to buy the rest of the web search firm it did not already control, in a deal that valued the company at about $3.5 billion.

Tencent, which beneficially owns about 39.2% of the total issued and outstanding shares of Sogou, has offered $9 per share in cash, a premium of 56.5% to the last close of Sogou's U.S.-listed stock.

Sogou's shares climbed to $8.39 in early morning trade.

The company was founded in 2005 by Sohu.com Inc and generates revenue mainly through search advertising services. Its Chinese rivals include Baidu Inc and Alibaba's UCWeb.

Sogou made its debut on
the U.S. market in November 2017 and raised $585 million at $13 per share.(https://reut.rs/3f5J1GW)

Tencent intends to finance the transaction with cash on hand and has won the backing of Sohu CEO Charles Zhang, who owns about 6.4% of Sogou, the Chinese tech giant said in a letter addressed to the target's board.

A special committee of the board, composed solely of independent directors, will consider the proposal, Sogou said.

(Reporting by Ayanti Bera in Bengaluru; Editing by Shinjini Ganguli and Sriraj Kalluvila)

Stocks mentioned in the article
ChangeLast1st jan.
BAIDU, INC. -2.75% 122.58 Delayed Quote.-3.02%
SOGOU INC. 2.31% 8.87 Delayed Quote.94.95%
SOHU.COM LIMITED 11.42% 20.1 Delayed Quote.79.79%
TENCENT HOLDINGS LIMITED -0.10% 505.5 End-of-day quote.34.58%
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Financials
Sales 2020 479 B 70 284 M 70 284 M
Net income 2020 120 B 17 659 M 17 659 M
Net cash 2020 79 106 M 11 614 M 11 614 M
P/E ratio 2020 35,6x
Yield 2020 0,29%
Capitalization 4 229 B 620 B 621 B
EV / Sales 2020 8,67x
EV / Sales 2021 6,96x
Nbr of Employees 70 756
Free-Float 60,4%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 45
Average target price 526,05 CNY
Last Close Price 444,61 CNY
Spread / Highest target 57,5%
Spread / Average Target 18,3%
Spread / Lowest Target -20,5%
EPS Revisions
Managers
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
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