What: Shares of Qihoo 360 Technology Co Ltd (NYSE:QIHU.DL) rose as much as 10% in Wednesday's early trading, then settled to trade up 7.7% as of 10:45 a.m. after the Chinese Internet security products specialist announced it had received a preliminary non-binding acquisition proposal.

So what: Specifically, Qihoo says its CEO and a number of affiliate investment firms have offered to purchase all outstanding shares not already owned by them for $77 per American depositary share. After this morning's pop, shares currently trade around $71 per share. Keeping in mind this is one of several similar Chinese acquisition offers in recent weeks, it's hard to blame skeptics for doubting the deal will go through. 

Now what: Nonetheless, Qihoo's board will form a special committee of independent directors to consider the offer, and has cautioned no decisions have been made at this point. With that in mind -- and considering the proposed acquisition price reflects a mere 8.5% premium from the stock's current levels -- I think Qihoo investors would be wise to take at least some of today's quick gains off the table.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.