Shanda Games Shareholders OK Merger
November 18 2015 - 7:30AM
Dow Jones News
Shanda Games Ltd. said Wednesday its shareholders approved the
$1.9 billion merger agreement that will take the Chinese online
game developer private.
The parties, parent Capitalhold Ltd. and wholly owned subsidiary
Capitalcorp Ltd., expect to complete the merger in the month.
A consortium of buyers will pay US$3.55 an ordinary share and
US$7.10 per American depositary share, representing a 46.5% premium
over Shanda Games's 30-day average before its January announcement
that it had received a going-private offer.
Shanda Games' American depositary shares closed at US$6.95 on
Tuesday, up 22% this year.
About 84.5% of the company's total outstanding ordinary shares,
representing 94.1% voting rights voted in person or by proxy at
Wednesday's meeting. About 99.3% voted in favor of the proposal to
authorize and approve the merger.
When the merger is completed, the company will become privately
held and its American depositary shares will no longer be listed on
Nasdaq.
Write to Anne Steele at Anne.Steele@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 18, 2015 07:15 ET (12:15 GMT)
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