US-listed Momo gets offer to go private
Print Edition
CHINESE mobile chat app company Momo Inc received a takeover offer from Chief Executive Tang Yan and a group of investment firms valuing the company at US$3.6 billion, six months after the company listed in the United States.
Momo, which helps users find friends based on locations and exchange messages, pictures and videos, is the latest in a string of Chinese tech companies that have received proposals to drop their US listings and take them private.
Security software company Qihoo 360 Technology Co received a US$10.06 billion buyout offer from its CEO last week.
Many Chinese tech executives are betting on higher share valuations in China, where stock markets have recently rallied.
Momo’s CEO and the buyout consortium already own about 47 percent of the company.
The offer of US$18.90 per American Depositary Share represents a premium of 20.5 percent to Momo’s Monday closing price.
The company, which is backed by Alibaba Group Holding Ltd, went public last December at a time when its chief executive was mired in allegations of misconduct and corruption.
Tang faced allegations of stealing information and technology from former employer NetEase Inc, where he was a senior executive from 2003 to 2011.
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