Morgan Stanley stopped tracking: privatization success just around the corner-qihoo 360 qihoo 360,360, privatization-IT information
On March 8, Morgan Stanley said in a report a few days ago, given the CEO substantial voting power held by Zhou hongyi, President of qihoo, qihoo 360 (NYSE:QIHU) successful privatization program is barrier-free. To this end, Morgan Stanley has now decided to stop tracking qihoo 360 stock.
Qihoo 360, announced recently in jiuxianqiao road, Chaoyang District, Beijing, in Beijing on March 30, 2016, 6th (electronic city ? international headquarters), 2nd floor, 3 special general meeting, to the privatization agreement prior to voting. If approved by the shareholders, odd Tiger successful privatization.
1) centralized voting: qihoo CEO Zhou hongyi, President of qihoo is buyer's Union members, they have more than 61% votes, close to 66.67% of the votes needed to approve the agreement.
2) adequate funding support: on December 18, 2015, qihoo 360 announced the privatization of the Union reach a final agreement with the buyer, which will be about $ 9.3 billion in cash to buy the odd Tiger 360. Buyer's Union plan forms such as cash and loans to fund the deal.
3) privatization of higher price: under the agreement, the buyer with each affiliate program shares $ 51.33 (per share United States depository to 77 cents a share) in cash which it is not held by the odd Tiger all the ordinary shares in issue. 16.6% premium to the prices qihoo's closing price on June 16, 2015, average 32.7% price premium than 30 trading days before June 16. In the current wave of the privatization proposal, the premium to the forefront.
The privatization deals completed, qihoo 360 's delisting from the NYSE, a privately-held enterprise. To this end, Morgan Stanley has now decided to stop tracking qihoo 360 stock. Currently, Morgan Stanley qihoo stock "holding wait-and-see" rating and price target of $ 77. Morgan Stanley reminded investors that do not make investment decisions according to previous studies.
Morgan Stanley had previously reported, qihoo 360 privatisation for three main reasons: 1) poor stock performance; 2) lower valuations; 3) advantages of management rights and holding large amounts of cash.
The vote of the General Assembly of March 30, as of March 25, 2016 at the close of business qihoo 360 registered shareholders are entitled to vote at the special general meeting of shareholders on March 7, 2016 registered before the close of business of United States depository shares (ADS) holders by qihoo 360 voted ADS depositary bank Bank Bank of New York Mellon. ()
摩根士丹利停止追踪：奇虎360私有化成功在即 - 奇虎360,360,私有化 - IT资讯
3月8日，摩根士丹利日前发布报告称，鉴于CEO周鸿祎和总裁齐向东所持有的大量投票权，奇虎360(NYSE:QIHU)的成功私有化已无障碍。为此，摩根士丹利现决定停止追踪奇虎360股票。
奇虎360近日宣布，将于北京时间2016年3月30日在北京朝阳区酒仙桥路6号(电子城·国际电子总部)2号楼3层召开特别股东大会，对公司之前达成的私有化协议进行投票表决。如果获得股东批准，奇虎将成功私有化。
1)集中的投票权：奇虎CEO周鸿祎和总裁齐向东均为买方联盟成员，他们拥有超过61%的投票权，接近批准该协议所需要的66.67%的投票权。
2)充足的资金支持：2015年12月18日，奇虎360宣布与买方联盟达成最终的私有化协议，前者将以约93亿美元的现金收购奇虎360。买方联盟计划通过现金和贷款等形式资助这笔交易。
3)较高的私有化报价：根据协议，买方联盟计划以每股普通股51.33美元(相当于每股美国存托股77美元)的现金收购其尚未持有的奇虎全部已发行普通股。该价格较奇虎2015年6月16日收盘价溢价16.6%，较6月16日前30个交易日平均收盘价溢价32.7%。在当前一波的私有化提议中，该溢价幅度位居前列。
该私有化交易完成后，奇虎360将从纽交所退市，变成一家私人控股企业。为此，摩根士丹利现决定停止追踪奇虎360股票。当前，摩根士丹利给予奇虎股票“持股观望”评级，目标股价为77美元。摩根士丹利提醒投资者，不要再依据之前的研究报告做出投资决定。
摩根士丹利之前曾发布报告称，奇虎360私有化主要有三点原因：1)股价表现欠佳；2)较低的估值；3)管理层的投票权优势及所持的大量现金。
对于3月30日的表决大会，截至2016年3月25日营业结束时登记在册的奇虎360股东有权在此次特别股东大会上进行投票，2016年3月7日营业结束前登记在册的美国存托股(ADS)持有人有权通过奇虎360 ADS存托银行纽约梅隆银行银行进行投票。()