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Offer to take Giant private
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Giant Interactive Group Inc got an offer from Chairman Shi Yuzhu and an affiliate of Baring Private Equity Asia to go private, valuing the company at US$2.8 billion, the Shanghai-based game firm said yesterday.
The offer of US$11.75 per American Depositary Share, making Giant the first listed Chinese online game firm to apply for privatization, represents a 16 percent premium over the company’s closing price on the New York Stock Exchange on Friday. But it was below its initial public offering price of US$15.50 in 2007.
The price premium compared with 15 percent for Focus Media, 24 percent for Shanda Interactive and 33 percent for Tom Online, which are now private.
Morgan Stanley expected shareholders to approve the offer from Shi, who also founded the company.
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