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March 16 (Reuters) - Giant Investment Ltd will acquire Chinese online gaming company Giant Interactive Group Inc for $3 billion and take it private, the companies said on Sunday.
Giant Investment sweetened its offer from the original $11.75 per share to $12, a 5.3 percent premium to Giant Interactive's closing price of $11.40 on Friday.
The transaction is expected to close during the second half of 2014 and is subject to regulatory approval.
Giant Interactive, whose main competitors are Changyou.com Ltd, Perfect World Co Ltd and NetEase Inc , said the bidding group already owned about 49.3 percent of its shares.
The company is best known for its ZT Online and XT Online series.
Its games allow users to play online while interacting with each other, a feature commonly called "massively multiplayer online games" (MMOG).