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Shanda Games Ltd announces receipt of non-binding proposal to acquire the company

Monday, 27 Jan 2014 09:01am EST 

Shanda Games Ltd:Says has received a preliminary non-binding proposal letter dated Jan. 27 from Shanda Interactive Entertainment Limited, the controlling shareholder of the company, and an affiliate of Primavera Capital Limited.Says according to the Proposal, the Consortium proposed to acquire the company in a going private transaction for$3.45 per class A or class B ordinary share, or $6.90 per American depositary shares.Says based on the offe price, the proposal values the company at about $1.9 bln in fully enlarged equity value.Says according to the Proposal, the offer price represents a premium of 21.3 pct to the company's volume-weighted average price of its ADSs on Jan. 24 and a premium of 44.4 pct to the volume-weighted average price of its ADSs during the last 30 trading days.Says according to the Proposal, the proposed transaction is intended to be financed with a combination of equity capital funded by the Consortium members and third-party debt.Says according to the proposal letter, Wilson Sonsini Goodrich & Rosati, P.C. is acting as U.S. counsel to Shanda Interactive Entertainment Limited and the Consortium as a whole, and Latham & Watkins is serving as U.S. counsel to Primavera Capital Limited.Says Davis Polk & Wardwell LLP is the Company's U.S. counsel. 

Company Quote

0.07 +1.08%
16 Apr 2014