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China’s Shanda Games valued at $1.9bn in Primavera-backed take-private offer

28 Jan 2014

game-padPrimavera Capital has offered to buy Shanda Games, the Chinese online game developer it controls alongside the company’s parent Shanda Interactive Entertainment, in a deal valuing it at $1.9bn.

The pair currently own 76.2 per cent of Shanda Games’ stock and have offered $6.90 per American depository share to take the business private.

That deal represents a 22 per cent premium on the company’s share price at the close of the markets on Friday.

The proposed transaction is intended to be financed with a combination of equity capital funded by the consortium members and third-party debt.

Last November Chinese game developer Giant Interactive received a buyout offer from a private equity-backed consortium.

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

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