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November 25, 2013
06:06 EDTGAGiant Interactive receives proposal to be acquired for $11.75 per share
Giant Interactive Group announced that its board has received a preliminary non-binding proposal letter, dated November 25, from the company's chairman, Yuzhu Shi and an affiliate of Baring Private Equity Asia. According to the proposal letter, the consortium proposed to acquire all of the company's outstanding ordinary shares, including ordinary shares represented by the company's ADS, at a price of $11.75 in cash per ordinary share or ADS. As of November 25, the consortium members beneficially owned, in the aggregate, approximately 47.2% of the company's share capital on a fully enlarged basis. The consortium's proposal letter states that its proposal constitutes only a preliminary indication of its interest and is subject to negotiation and execution of definitive agreements relating to the proposed transaction. A copy of the proposal letter is attached hereto as Exhibit A. The board, other than Yuzhu Shi, is reviewing and evaluating the consortium's proposal, and the company expects that the board will adopt various procedures and protocols designed to fully and fairly evaluate the proposal as well as safeguard the interest of the company's shareholders that are unaffiliated with the consortium, including forming a special committee consisting of independent directors to evaluate and, if appropriate, negotiate the proposal and to consider other strategic options available to the company.
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