$SOGO Reminder - per Sogou’s IPO paperwork, consent is required from $SOHU in order for $TCEHY to make this acquisition (see “Related Party Transactions - Voting Agreement between Sohu and Tencent”, par 3.) as long as Sohu holds 15% or more shares, which they do. Charles Zhang (+Sohu), Xiaochuan Wang and every Sogou employee who was compensated with options will take a hit at the offered price of 9.00. Wang in particular took out significant loans to buy more shares at IPO prices (13.00) I can‘t say with certainty that the counter offer will exceed IPO prices, only that a counter offer is coming. Respect is paramount in Chinese culture, and Tencent isn’t going to disrespect its partners of three years (and future employees) with a 33% cut on their shares.