Family takes Shanda private
Source: Bloomberg News |
October 18, 2011, Tuesday
|
Print Edition
Print Edition
SHANDA Interactive Entertainment Ltd, which operates online games in China, said Chairman Chen Tianqiao and his family will buy out all publicly traded shares on Nasdaq to take the company private.
Chen, also CEO, his wife Luo Qianqian and brother Chen Danian will acquire the American depositary shares for US$41.35 each in cash, according to a company statement to PR Newswire yesterday. That compares with the closing price of US$33.48 per ADS last Friday.
The board received a preliminary non-binding proposal letter from the buyers, according to the statement. As of September 30, Chen and his family owned 68.4 percent of Shanda's outstanding shares, the firm said.
JPMorgan Chase & Co is financial adviser and Shearman & Sterling LLP is legal counsel for the proposed transaction, the statement said.
Chen, also CEO, his wife Luo Qianqian and brother Chen Danian will acquire the American depositary shares for US$41.35 each in cash, according to a company statement to PR Newswire yesterday. That compares with the closing price of US$33.48 per ADS last Friday.
The board received a preliminary non-binding proposal letter from the buyers, according to the statement. As of September 30, Chen and his family owned 68.4 percent of Shanda's outstanding shares, the firm said.
JPMorgan Chase & Co is financial adviser and Shearman & Sterling LLP is legal counsel for the proposed transaction, the statement said.
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