Shanda Interactive Entertainment said its board received a preliminary...
Shanda Interactive Entertainment said its board received a preliminary non-binding proposal letter from Tianqiao Chen, its CEO, to buy all outstanding ordinary shares of the online game company not owned by him, his wife or brother for $41.35 per American…
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Depositary Share or $20.675 per ordinary share in cash. Chen’s wife, Qianqian Luo, is a board member, while his brother, Danian Chen, is a board member and chief operating officer. As of Sept. 30, the three executives controlled about 68.4 percent of the company’s shares, Shanda said. The buyer group “held preliminary discussions” with J.P. Morgan about financing the proposed transaction and received a “Highly Confident” letter from the investment firm, Shanda said. The board formed a special committee of independent directors to consider the transaction, it said.