Related News
Hurray for Shanda as it buys stake for US$46m
By Rich Zhu |
June 10, 2009, Wednesday
|
Print Edition
Print Edition
SHANDA Interactive Entertainment will buy a majority stake in Hurray Holding Co, a ring tone firm, for US$46.2 million as China's biggest game firm expands in the new media sector.
Shanda, with the support of Hurray's board, offered to buy 51 percent of Nasdaq-listed Hurray at US$4 per ADS (American depositary share), a 25-percent premium over Hurray's closing price last Friday.
"(After the deal) Hurray will continue to develop with the support of Shanda's resources and user base," Chen Tianqiao, Shanda's chief executive, said in a Chinese-language statement to Shanghai Daily yesterday.
Nasdaq-listed Shanda's bid came on the heels of another investor group's attempt to acquire Hurray earlier this year but that bid failed because Hurray's board didn't like the offer.
Hurray's shares fell to 93 US cents three months ago but they started to surge in April following the takeover bids.
Hurray focuses on the sales of ring tones and music for mobile phone users, which will be boosted by the 3G, or third generation, market. Hurray has also expanded into talent management and music production.
Shanda is expanding into other sectors, such as online literacy and mobile phones, to diversify its income channel, according to analysts.
Shanda, with the support of Hurray's board, offered to buy 51 percent of Nasdaq-listed Hurray at US$4 per ADS (American depositary share), a 25-percent premium over Hurray's closing price last Friday.
"(After the deal) Hurray will continue to develop with the support of Shanda's resources and user base," Chen Tianqiao, Shanda's chief executive, said in a Chinese-language statement to Shanghai Daily yesterday.
Nasdaq-listed Shanda's bid came on the heels of another investor group's attempt to acquire Hurray earlier this year but that bid failed because Hurray's board didn't like the offer.
Hurray's shares fell to 93 US cents three months ago but they started to surge in April following the takeover bids.
Hurray focuses on the sales of ring tones and music for mobile phone users, which will be boosted by the 3G, or third generation, market. Hurray has also expanded into talent management and music production.
Shanda is expanding into other sectors, such as online literacy and mobile phones, to diversify its income channel, according to analysts.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
