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| Alias Born | 06/26/2003 |
Tuesday, April 01, 2014 12:48:24 PM
Meteoric today.
Not sure why this share-shuffling is so significant.
"Slow" thinking at work.
The online video uploading and sharing service said its controlling shareholder Shanda Media Group Ltd sold 1.94 billion, or about 41 percent of the company's total outstanding shares to Sky Profit Ltd founder Xu Xudong.
Following the share sale, Shanda Media's stake in KU6 will drop to 30.5 percent from about 70.5 percent, based on 4.73 billion KU6 shares outstanding as of Sep. 30.
The purchase price of the shares will be determined based on the low end of the market price of the company's American Depositary Shares during the seven days before the closing of the deal and the closing price on the last day. The transaction is expected to be completed by April 30.
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