A private equity-backed consortium has agreed to buy Chinese online gaming group Giant Interactive in a $3bn take-private deal.
The consortium, which includes Giant Interactive chairman Yuzhu Shi, Hony Capital and Baring Private Equity, has offered $12 per share, which represents a premium of over five per cent to Friday’s closing price of $11.40.
The buyers, who currently own 49.3 per cent of the company, made their initial offer of $11.75 in November last year.
Giant said that the deal is expected to be completed in the second half of the year.
Last month it was reported that Hony was in talks to team up with the Baring-backed consortium.
Giant Interactive appointed an independent committee to evaluate the bid and examine other options for the business.
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