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Perfect World Scoops Up 30M Shares of Shanda Games

Posted Apr 21, 2014 by Suzie Ford

Perfect World Scoops Up 30M Shares of Shanda Games

Shanda Games and Perfect World Entertainment have entered into a share purchase agreement that allows PWE to purchase over 30M in "class A ordinary shares". The purchase price for the 30M shares is $100M USD.

In addition, Perfect World has also entered into an adherence agreement to become a party to the consortium agreement dated as of January 27, 2014 between Shanda Interactive and Primavera Capital (Cayman) Fund I L.P., an affiliate of Primavera Capital Limited, and participate as a new member of the consortium (the "Consortium") in the proposed "going private" transaction with respect to Shanda Games. The Consortium has submitted a preliminary non-binding proposal letter dated January 27, 2014 (the "Proposal") to the board of directors of Shanda Games. According to the Proposal, the Consortium proposed to acquire Shanda Games in a "going private" transaction for US$3.45 per class A or class B ordinary share of Shanda Games, or US$6.90 per ADS. 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. The Proposal states that it constitutes only a preliminary indication of interest and is subject to negotiation and execution of definitive agreements relating to the proposed transaction.

Read the full press release here.

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Suzie Ford / Suzie is the Associate Editor and News Manager at MMORPG.com. Follow her on Twitter @MMORPGMom