Huya Announces Formation of Special Committee to Consider Proposal from Tencent
HUYA Inc. (“Huya” or the “Company”) (NYSE: HUYA), a leading game live streaming platform in China, today announced that its Board of Directors (the “Board”) has formed a special committee consisting of two independent directors, Mr. Hongqiang Zhao and Mr. Tsang Wah Kwong, to consider the previously announced preliminary non-binding proposal set out in an August 10, 2020 letter from Tencent Holdings Limited. Mr. Zhao chairs the special committee. The special committee has retained Citigroup Global Markets Inc. as its independent financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its U.S. legal counsel.
The Board cautions the Company’s shareholders and others considering trading in its securities that no decisions have been made with respect to the Company’s response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
Source: HUYA Inc.