New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 28, 2013
19:11 EDTGAMEShanda Games to acquire platform-related affiliates to bolster mobile strategy
Shanda Games announced that it has entered into definitive agreements to acquire affiliates providing user and payment platform services from its parent company Shanda Interactive Entertainment Limited . The aggregate consideration for the transaction is $811.5M, subject to closing adjustments and payable in a combination of cash, deferred payments and settlement of an outstanding loan receivable from Shanda Interactive. Shanda Games' cash, cash equivalents, short-term investments, and restricted cash, net of loans and dividend payable, totaled $556M as of March 31. Mr. Tianqiao Chen, Chairman of Shanda Games' board, commented, "In addition, this transaction removes two cost components from our cost structure and is projected to improve our EPS by approximately 40-50%. It puts our large cash position to a much better use and also eliminates two recurring related-party transactions and settles an outstanding loan receivable from Shanda Interactive. More importantly, the transaction will enable Shanda Games to become a truly integrated online gaming company. With an in-house customer service team and the control of customer database and distribution channels, Shanda Games will be able to enhance game players' experience and to reach out to users more efficiently." The transaction, which is subject to customary closing conditions, is expected to close in Q313.
News For GAME From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
December 8, 2014
10:17 EDTGAMEShanda Games informed of new consortium to acquire company
Shanda Games has been informed that Yili Shengda Investment and certain of Yili's affiliates filed a statement on Schedule 13D with respect to Shanda Games on December 5, 2014. According to the 13D Statement, Ningxia Yilida Capital Investment and Ningxia Zhongyincashmere International Group entered into a consortium agreement on December 5, 2014 pursuant to which they have agreed to form a consortium to acquire the company in a "going private" transaction. As previously announced, the board of the company received a preliminary non-binding proposal letter dated January 27, 2014 from a consortium then consisting of Shanda Interactive Entertainment Limited and certain other parties. According to the SNDA Proposal, the SNDA Consortium proposed to acquire the company in a "going private" transaction for $3.45 per Class A Share or Class B Share, or $6.90 per 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 and does not currently intend to announce developments unless and until an agreement has been reached. The company cautions its shareholders and others considering trading its securities that there can be no assurance 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.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use