Changyou.com rises on Sohu's take-private deal
24/01/2020 14:21
** Chinese game developer's shares CYOU.O rise 7.8% to
$10.68 premarket - set to open at 7-month high
** SOHU to take its majority-owned unit Changyou.com private
in an all-cash deal that values the company at about $579 mln
** Sohu will pay $10.8 for each CYOU American Depositary
Share, a premium of 82.4% to CYOU'S closing price on Sept. 6,
the last trading day prior to the announcement of the
"going-private" proposal
** Sohu intends to fund the deal primarily with debt
financing
** Current average rating is "hold"; median PT is $100
** Stock gained 9.3% in 2019
(Reporting by Mehr Bedi)
((Mehr.Bedi@thomsonreuters.com;))