Shanda CEO Proposes To Acquire Public Shares At $41.35 Per ADS

Shanda Interactive Entertainment (Shanda), a major interactive entertainment media company in China, this morning revealed that it has received a non-binding proposal from Tianqiao Chen - Chairman, CEO and President of Shanda - to purchase all outstanding ordinary shares not yet owned by himself, his wife Qianqian Luo (also a non-executive director of Shanda) and his brother, Shanda COO and Director Danian Chen. As of the end of last month, the trio owned approximately 68.4 percent of the outstanding shares of the company. Chen proposes to acquire the remaining public shares for $41.35 per American Depositary Share (ADS) or $20.675 per ordinary share, in cash.

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