Zhou Hongyi anger to cool the joint venture company shares in the throat

Qihoo 360 for the current market value of less than $1 billion a cool company in accordance with the shareholders’ agreement to purchase all 360 stake in the joint venture holdings of about $1 billion 485 million.

 

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September 8th, Qihoo 360 announced that the company has notified the company in accordance with the requirements of cool, cool shareholder agreement to buy all 49.5% in 360 jointly set up a joint venture between the two sides held the shares, a total of about $1 billion 485 million.

Qihoo 360 said that the reason for this is to cool the immediate cessation of the breach of a joint venture agreement, especially the capital cooperation and competition as the music stop. Notice that the capital cooperation into the cool music, lasting 360 damage and cool our joint venture company.

360 in the announcement also pointed out that the joint venture company shareholder agreement had already stated, if the cool company breach, 360 have the right to exercise the option, all of its equity holdings by two times the market price of the sale to cool. This time, 360 as cool and music as the capital cooperation competition agreement violation behavior, and decided to exercise the put option.

written notice pointed out that our joint venture total capital valuation of $1 billion 500 million, is expected to 360 holds 49.5% equity value of $742 million 500 thousand; this is cool, the company purchased 360 shares of the company held by the joint venture total should be 2 times the market price is $1 billion 485 million. It is worth noting that, as of September 7th, the closing price of the cool group, the current cool market capitalization of less than $1 billion. In other words, Zhou Hongyi in the cool and music as a matter of cooperation on this matter, at the mercy of cool bankruptcy.

cool and in December 2014 360 announced the establishment of a joint venture company, named as our. At that time 360 had said, hoping to make use of cool manufacturing, channel resources, combined with their own brand promotion, product technology capabilities, to do a different phone. Although the special machine three years ago failed, but Zhou Hongyi has not given up his mobile phone in addition to cool idea, and set up a joint venture company, announced in May 26th, out of 349 million yuan of our holdings of shares, the shareholding ratio increased from 45% to 49.5%.

unfortunately, cool also under his abacus, it did not intend to rely on Zhou Hongyi. The 360 side and running a joint venture company, mobile phone sales God inventory; on the other side but also find a new shareholder letv. June 28th, cool group announced that the company and music as a subsidiary of Leview Mobile Limited signed an agreement to 3.508 Hong Kong dollars / share price to sell to the other side of the shares of the other (about 780380000 of the issued share capital of 18%) (HK). In other words, as the music became the second largest shareholder after the cool of 360, accounting for the shares of the stock of 18%.

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