Sohu.com denies report of going private
Updated: 2013-03-06 18:33
By By Chen Limin (chinadaily.com.cn)
Sohu.com Inc, the operator of one of the biggest Web portals in China, denied a report saying that it is talking to investment banks and private equity funds to go private.
Sohu said in an e-mail statement that "it is not talking to investment banks and private equity funds about a possible plan to take the company private and/or de-list its common stock from the Nasdaq Global Select Market".
The South China Morning Post earlier reported that the company had talked to several banks, including Credit Suisse Group AG, for a possible privatization plan, as the company was undervalued in terms of share price.
Charles Zhang, chairman and chief executive officer of the company, said previously that Sohu was largely undervalued by Wall Street.
A number of Chinese companies recently de-listed from the United States market for different reasons, including weak share price performance, accounting irregularities, and to seek more flexibility for aggressive strategic changes. Game operator Shanda Interactive Entertainment Ltd and media company Focus Media Holding Ltd were among such companies.