Shanda Games Announces Retention of Special Committee Financial Advisor
Today : Thursday 6 March 2014
Shanda Games Limited (NASDAQ: GAME, "Shanda Games" or the "Company"), a leading online game developer, operator and publisher in China, today announced that in response to the preliminary non-binding proposal dated January 27, 2014 (the "Proposal") to acquire the Company in a "going private" transaction, the special committee of independent directors (the "Special Committee") has selected Bank of America Merrill Lynch as its financial advisor.
As previously announced, the Proposal contemplates Shanda Interactive Entertainment Limited, the controlling shareholder of the Company, and an affiliate of Primavera Capital Limited (together, the "Consortium") and other persons which may join the Consortium, acquiring the Company for US$3.45 per class A or class B ordinary share, or US$6.90 per American depositary share (each representing two class A ordinary shares) (each an "ADS").
The Special Committee has not set a definitive timetable for the completion of its evaluation of the proposed transaction or any other alternative transaction (if any) and does not currently intend to announce developments unless and until an agreement has been reached.
There can be no assurance that any definitive offer will be made by the Consortium or any other person, that any definitive agreement will be executed relating to the proposed transaction, or that the proposed transaction or any other transaction will be approved or consummated.
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