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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