Baring backs $2.8bn take-private bid for China’s Giant Interactive


china dragon_sqChinese game developer Giant Interactive has received a buyout offer from a private equity-backed consortium.

The bid from Giant Interactive chairman Yuzhu Shi and Baring Private Equity Asia values the business at $11.25 per share, or just over $2.8bn.

The offer represents a premium of 16 per cent to its Friday’s closing price of $10.13.

Shi and Baring currently hold a 47.2 per cent stake in Giant interactive, the company said in a statement.

Giant Interactive said the board will now appoint an independent committee to evaluate the bid and examine other options for the business.

Earlier this year Baring bought a controlling stake in Indian outsourcing services provider Hexaware Technologies.

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