try this:
ComboBox cbx = new ComboBox();
cbx.DisplayMember = "Text";
cbx.ValueMember = "Value";
EDIT (a little explanation, sory, I also didn't notice your combobox wasn't bound, I blame the lack of caffeine):
The difference between SelectedValue and SelectedItem are explained pretty well here: ComboBox SelectedItem vs SelectedValue
So, if your combobox is not bound to datasource, DisplayMember and ValueMember doesn't do anything, and SelectedValue will always be null, SelectedValueChanged won't be called. So either bind your combobox:
comboBox1.DisplayMember = "Text";
comboBox1.ValueMember = "Value";
List<ComboboxItem> list = new List<ComboboxItem>();
ComboboxItem item = new ComboboxItem();
item.Text = "choose a server...";
item.Value = "-1";
list.Add(item);
item = new ComboboxItem();
item.Text = "S1";
item.Value = "1";
list.Add(item);
item = new ComboboxItem();
item.Text = "S2";
item.Value = "2";
list.Add(item);
cbx.DataSource = list; // bind combobox to a datasource
or use SelectedItem property:
if (cbx.SelectedItem != null)
Console.WriteLine("ITEM: "+comboBox1.SelectedItem.ToString());