Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Cashed-Up Sohu To Freeze Out Changyou's Minorities

FLASHNOTE JA Solar - Cheeky Buyout Attempt by the Management

Quiddity Advisors

Event-Driven

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<p>On the 9 September 2019, <a href="https://www.smartkarma.com/entities/sohu-com-ltd" target="_blank" data-smartkarma-citation="entities:22853:1" rel="noopener">Sohu.com Inc (SOHU US)</a> tabled a preliminary and non-binding <a href="http://ir.changyou.com/09_09_2019.shtml" target="_blank" rel="noopener">Offer</a> to buy out the minority shareholders in online game operator <a href="https://www.smartkarma.com/entities/changyou-com-ltd-ads" target="_blank" data-smartkarma-citation="entities:19287:1" rel="noopener">Changyou.com (CYOU US)</a> for US$5/share, or US$10/ADS in cash, or a 69% premium to last close. </p>
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<p>Sohu held 67.4% of shares out in Changyou via its A and B shares and 95.3% of the voting rights given the disproportionate voting power of the B shares.</p>
<p>As Sohu helds &gt;90% of the votes, a firm Offer was expected to be in the form of a short-form statutory merger under Cayman Law - i.e. approval from Changyou's shareholders was not required. </p>
<p>On the 24 January this year, Changyou <a href="http://ir.changyou.com/file/New-Comet-20200124.pdf" target="_blank" rel="noopener">entered</a> into a definitive agreement with Sohu at US$5.40/share, or US$10.80/ADS in cash. </p>
<p>Yesterday, Sohu <a href="http://investors.sohu.com/static-files/4f6c805d-a81c-4799-a043-3d163d5702e7" target="_blank" rel="noopener">announced</a> the filing of the definitive plan of merger.</p>
<p>The effective date is the 17 April. This is a done deal.  </p>
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On the 9 September 2019, Sohu.com Inc (SOHU US) tabled a preliminary and non-binding Offer to buy out the minority shareholders in online game operator Changyou.com (CYOU US) for US$5/share, or US$10/ADS in cash, or a 69% premium to last close. 


Sohu held 67.4% of shares out in Changyou via its A and B shares and 95.3% of the voting rights given the disproportionate voting power of the B shares.
As Sohu helds &gt;90% of the votes, a firm Offer was expected to be in the form of a short-form statutory merger under Cayman Law - i.e. approval from Changyou's shareholders was not required. 
On the 24 January this year, Changyou entered into a definitive agreement with Sohu at US$5.40/share, or US$10.80/ADS in cash. 
Yesterday, Sohu announced the filing of the definitive plan of merger.
The effective date is the 17 April. This is a done deal.  
  


Changyou: Sohu's Definitive Plan Of Merger