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Tencent’s offer to buy this Chinese search engine pumped its stock by 50%


Chinese search engine Sogou‘s stock price jumped 50% after it revealed Tencent had proposed to buy all of the company’s remaining stock above asking price, delist it from the New York Stock Exchange, and take it private. Seeking future profits, traders immediately sent Sogou stock soaring by Monday’s market open. Tencent, China’s largest tech conglomerate valued at $640 billion, had just offered to buy Sogou shares for $9 each, well beyond its $5.75 market close on July 24. Sogou is China’s third largest search engine in terms of market share with 21%. The latest available analysis found Baidu, the country’s…

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