Sohu Moves to Acquire Changyou

Changyou.com Ltd.  (NASDAQ: CYOU) shares made a massive gain on Monday after the firm said that it had received an acquisition offer from Sohu.com Ltd. (NASDAQ: SOHU).

Under the terms of the offer, Sohu would pay $5 per Class A share, or $10 per American Depositary share (ADS), which represents two ordinary shares.

As Sohu holds all the Class B ordinary shares of Changyou currently outstanding, the transaction, if completed, would result in Changyou becoming a privately held, indirect wholly owned subsidiary of Sohu, and Changyou’s ADSs would be delisted from the Nasdaq.

In the letter sent to Changyou, Sohu detailed:

We believe that this Proposal provides a very attractive opportunity to Changyou’s shareholders. Although this Proposal does not entail a change of control transaction, this Proposal represents a premium of 69% over the closing price of Changyou’s ADSs on September 6, 2019 and a premium of 57% over the average closing price of Changyou’s ADSs during the last 30 trading days.

Shares of Changyou traded up about 51% to $8.94 early Monday, in a 52-week range of $5.43 to $22.27. The consensus price target is $11.88.

Sohu shares traded up about 9%, at $11.83 in a 52-week range of $8.79 to $23.60. The consensus analyst target is $20.44.

South Korea music concert promotes peace with North

The concert was held near the heavily fortified border separating North and South Korea, a year after improving ties were marked with a summit between them.

A concert has been held close to the heavily fortified border separating North and South Korea, in a bid to promote peace.

It came a year after improving ties were marked with a summit between the two neighbours. But relations since then have turned decidedly chilly.

Al Jazeera’s Rob McBride reports from Paju, South Korea.

U.K. Parliament Speaker Bercow announces he’ll step down

John Bercow, the controversial speaker of the U.K. House of Parliament, announced on Monday he’ll step down. Bercow said he’ll step down either at the next election or by Oct. 31 at the latest.

Thousands of Kenyans evicted from East Africa's largest forest

The government says it is being done to protect the Mau Forest, but most of those evicted say they have been cheated by the state.

About 60,000 families from Kenya’s Mau Forest are being evicted.

The government says it is being done to protect East Africa’s largest forest.

But most of those evicted say they have been cheated by the state.

Al Jazeera’s Nicolas Haque reports from the Mau Forest.

2020 Ferrari F8 Spider Is Here

Ferrari’s new top sports car 2020 F8 Spider will make its formal debut at this week’s Frankfurt International Motor Show. An improved convertible version of its 488 Spider, F8 Spider is designed on the same lines as the F8 Tributo Berlinetta.

The F8 Spider is the latest in Ferrari’s line of open-roof V8s. Weighed at 1,400 kilograms, it is 44 pounds lighter than its predecessor.

A remarkable feature of the new car is an electrically-operated retractable hard top which takes just 14 seconds to open or close, even when the car is on the move.

With a power output of 720cv, the new model offers a rich, distinctive sound.

An innovative system brings the sound to the cabin with channels designed to transfer it from the exhaust system right up next to the cabin.

The 3.9-litre V8 twin-turbo engine, which won the International Engine of the Year award, makes 710 horsepower at 8000 RPM.

The race car makers claim that the supercar can pick up 0-62 mph in 2.9 seconds, and 0-124 mph in just 8.2 seconds, thanks to the reduction in weight of rotating and non static masses such as titanium con rods, crankshaft and flywheel.

The speedometer needle can reach a maximum speed of 211 mph, or 340 kmph. The 488 Spider had a top speed of 325 kmph.

For every F8 Spider, the company offers seven-year maintenance program, which covers all regular maintenance items for the first seven years of purchase.

Should more police officers carry Tasers? | Could learning about slavery help tackle racism?

This week, the panel discusses whether a general election would solve anything.

Also:

Should more police officers be armed with Tasers?

Could learning about slavery help tackle racism?

Is Dior’s latest advert culturally insensitive and insulting?

On the panel this week are Maajid Nawaz, Carole Malone, Afua Hirsch, Rachel Shabi and Nick Ferrari.

:: Listen to The Pledge on Apple Podcasts, Spotify, Google Podcasts, Spreaker

North Korea willing to resume talks with US in late September: State media

SEOUL (REUTERS) – A senior North Korean diplomat said on Monday (Sept 9) that Pyongyang is willing to restart talks with the United States in late September that have stalled since a failed summit in February.

The meeting could be held at a time and place agreed between both sides, Vice North Korean Foreign Minister Choe Son Hui said in a statement carried by the official KCNA news agency.

What did Trump-Kim summit achieve in S’pore? Read more.

Three options strategies for the week: September 9, 2019

The "Options Action" traders share three options trading strategies to kick off the week.

Carter Worth and Mike Khouw looked at buying a put spread in the Industrials ETF.

Dan Nathan illustrated call buying in Apple.

Khouw also broke down a call spread risk reversal trade in Lululemon.

Disclaimer

Trader disclosure: Mike Khouw is long HAL. Dan Nathan is Long EA Sept call calendar. DIS Sept call calendar. EEM Oct put spread. XLF Oct put spread. XRT Oct put spread.