An investor group led by Qihoo 360 Technology (QIHU) chairman Zhou Hongyi might lower its $77 per share bid for the internet-service provider after recent losses in Chinese equities negatively impacted valuations, the Wall Street Journal reports.
The original offer of $9 billion was made in June at the height of China’s stock market boom. Shares of QIHU closed on Thursday at $51.29, a third less than the buyout offer. Zhou leads and investment group that includes China Renaissance Holdings and Golden Brick Capital Private Equity. Shares of Qihoo are currently trading nearly 7% higher at $54.81 with a 52-week range of $44.56 to $90.52.