360 First statement: We are in talks to buy and Sohu Sogou matters![REVIEW] According to the Oriental Morning Post? reports, July 19, Qihoo 360 Chief Financial Officer Xu Zuo Li for the first time acknowledged in an interview with a number of foreign media in a telephone interview that the company is for the acquisition of search dogs and their Sohu parent company to negotiate, but negotiations are purchase price does not enter into negotiation stage, 'We are still evaluating whether to win this asset and fully integrated.' followed by July 20, Sohu and the US Securities and Exchange Commission (SEC) filed an 8-K She reports that 'in recent months has been exploring options for its holding subsidiary Sogou future development.' These options include: the introduction of more small and medium strategic investors to seek more comprehensive strategic combination, and so on. Sohu said, 'has begun and will continue with several potential strategic investors and partners launched a preliminary study.' Sohu Co-President and Chief Financial Officer Carol said in a statement stressed that 'have not identified any specific strategic partner or transaction, has not yet reached any decision on any significant transactions with related search dogs. 'The evening of July 11, black Marco had received an anonymous phone call, claiming to be' Deep Throat ', 360 and search dogs want to talk about these things, most of it sounds like Really, there is only relayed the contents True False self-identified Dialogue:!!!! protocol is what i dark horse: 360 Holding Sogou Deep Throat is true:? this is not fake, last Thursday, the terms of five determined on weekend by the Board, and the first wave of news. As the possibility of the Internet said today (US Eastern Time on July 11) signed very large. i dark horse: the acquisition or holding proportion of the number of Deep Throat:? is holding more than 50%, should be between 51% -60%, not more than 70%, which will 2015 Latest Nike Shoes be an additional portion holdings terms. i dark horse: Valuation what Deep Throat:? between 1.2 to 1.4 billion U.S. dollars. i dark horse: the specific transaction in the form of Deep Throat:? $ 200 million in cash +360 8-10% of the company issuing shares worth 4-6 billion in stock issuance and were convertible and Sohu. i dark horse: Who is Deep Throat underwriters:? Citi underwriter, UBS (UBS) may also be involved. i dark horse: When released Deep Throat:? Not more than two weeks, in theory, good patience will wait until the earnings announcement, but dark and dreary, does not belong to the 360 character. i dark horse: Ms. Yu Why deny Deep Throat:? Oh. (Chord outside the sound) Air Jordan Spizike chat limited to 'Oh' - but with the rumors, within 20 days has jumped 20% Qihoo today and rose 3.53%. Before singing which is not the first time that it appears, the search dog is rumored takeover of 'certain', and Baidu, Ali, Tencent even small 米苏宁, as long as there is traffic on the market demand for the company, and most of them will deal more or less stained with scandal. According to Deep Throat said, which is really a small part, most do not fly. Before the acquisition of the 360, is the most talented performers and Ali-related rumors, but according to other sources, Alibaba start to finish, never involved in mergers and acquisitions among the rumors, but the person also to the tree Mr. analyzed the doorway: on the one hand, for the seller, increased bargaining power. May then have entered a white-hot stage (it seems indeed) negotiations for the valuation of holdings clause has not been settled, the seller needs to be a big virtual buyers to increase bargaining power, as things true and false, even if the purchase side has enough information to confirm this, but a flicker over by the media, all of my heart will beat a retreat, even then there will be calm in the heart of negotiators fluctuations. On the other hand, for those who swing the formation stimulation. It is well known in the deal, the acquisition in terms of search dogs for Baidu, and there is not much business and technical value, the only reason to buy, it is to reduce the competitiveness of 360, it has been one of the swing who is also on the market In fact, in addition to 360 outside, Tencent is still the search 'did not give up,' but relatively clear Sohu Sogou value, selling is certainly possible, bring cash to pave the way for the video is the right way, but seemed indifferent to whom. Why is the price? In the 'calculated using valuation models, search dogs in the end worth?' In an article, TH Capital (days Hao capital) CEO and chief analyst HOU Xiao days once through the multiplier method Sogou been valued, and He said: Baidu total revenue last year was $ 3.571 billion, traffic market share was 74.5%, therefore, revenue per one percentage point of the flow is Nike Air Max 2012 $ 47.5. Sogou revenue last year was $ 124 million, traffic market share of 7.7%, therefore, a percentage of each traffic revenue is $ 16.1, its liquidity is Baidu's 33.6 percent. If the following Sogou market share of 6.2%, 5% and 4.5% of the calculation, and now the sale price should be 7.4 - between $ 1 Air Jordan 18 billion. In accordance with the valuation model, the above analysis is more reasonable, but in fact, in practice there are Air Jordan 13 several factors that may cause fluctuations in value, including, first of all, the same search share, 360 and search dogs liquidity differences and input method and the browser It is valued for the price will vary. Secondly, the valuation premium seller due to the strong bargaining power in order to appear. Third, because of share swap, both sides will now be re-assessed market value, whether there is a case of a party worth more than the intrinsic value of the market. You can see all of the above three factors Sohu (Sogou) favorable, so get engaged in a $ 1 billion valuation is relatively reasonable. How will future capital movements? Onlookers watched downtown, shareholders play a heartbeat. In addition to the deal have a greater impact on the industry pattern, but because the stakeholders Sohu, Baidu, 360 are listed companies, this information will be reflected to greater volatility in the capital markets, let us look at the trend of capital the possible impact: Sohu :( yesterday rose 0.78 percent, nearly 20 days rose 10%) the biggest gainers, although the loss of the absolute controlling stake in Sogou, but as Nike Air Max 2011 one of the shareholders, can still be flow through Sogou input . After obtaining $ 200 million in cash, along with the existing 1 billion short-term investments and cash, which have greater room for maneuvers on investment and M \u0026 video industry. At the same time get 8-10% of the 360 shares after the company's high-quality assets is undoubtedly a better endorsement, similar story Yahoo and Alibaba have seemed staged. :( Qihoo 360 rose 3.53% yesterday, nearly 20 days, up 20%) larger gainers, after holding Sogou, according to the report CNZZ 360 search market share will reach 16.58% + 9.27% = 25.85%, while searching Technology will also be further improved. But after taking into account the stock has a relatively large, while search dogs had not announced the complete earnings of the company, can not be informed of their independent profitability, it will be after holding, 360 second-quarter earnings top 'X' factor, and because of the integration of Ms. Yu's difficult and doubtful fate of the issue (according to Cheng Ling Feng statement, Ms. Yu hands of $ 100 million to go it Air Jordan 10 alone OFFER, while relatively low value of 360), which are 360 investors need to determine and consider. Baidu :( yesterday rose 3.91 percent, nearly 20 rose 7%) in the capital markets again, 'selective' in this acquisition presents a dilemma, but since news release yesterday, the stock still has improved It can be considered the current market valuation of its relative market acceptance between 300-350 million.