Chen Flyover seeks privatisation grand network to borrow from JPMorgan

Will borrow from JPMorgan to buy a 20% premium for the stake Zhangjingko Xu Jieyun, including the founder of NetEase CEO Ding Lei, has revealed a willingness to retire from the US Nasdaq.　　But the first to put into practice is the Grand Group Chairman Chen. Yesterday, Shanda Interactive Entertainment Co., Ltd. (SNDA. NASDAQ, hereinafter called the "Shanda Network", announced that the board of directors had received a preliminary, non-binding letter of recommendation from the Chairman of the board, CEO and President Chen on October 15, suggesting that　　Chen will take a premium on all remaining shares in addition to his wife, Qianqian, and his brother Danian's grand network stake.　　As of September 30, 2011, the Chen family owned a grand network of about 68.4% per cent of the issued shares (excluding options issued). The letter of recommendation shows that Mr Chen will be acquiring 41.35 dollars per US depository Voucher ("Ads") at the cost of each of the two common shares, meaning that the premium is over 23.5% compared to the last week's closing price of the Grand network, if the weighted average price relative to the last 60 trading days　　A premium of 25.1%. By Chen Flyover to seek privatisation grand network news influence, Shanda network Monday (US time) opened up 13.5%, reported 38.01 U.S. dollars.　　Over the past 52 weeks, Shanda has had its highest share price of $54.20, with a minimum price of $28.44.　　Yesterday, the Royal Network spokesman told the first financial daily, Chen flyover to seek privatization of the grand network, the reason for the long-term development of the company's interests, full of confidence in the grand future. Shanda Network as the parent company of Shanda's enterprises, currently includes Shanda games and Cool 6 media two listed companies and many unlisted businesses, but the profit situation seriously deteriorated. Profits fell sharply in the second-quarter results of the Grand Network, released at the end of August this year.　　In accordance with the United States General Accounting Standards (GAAP), the Royal Network second quarter net profit of 8.8 million yuan, down 94.8%, the chain down 89.71%, if the non-GAAP criteria, the net profit of 63.6 million yuan, down 73%. Shanda Network Overall net profit drop is considered to be cool 6, Grand literature loss drag.　　Pacific Crest, the US investment bank, noted in its investment report that the decline was mainly due to a rise in the operating costs of cool 6 of its video site, the main reason for the poor performance of the Shanda network.　　To add insult to the woes, as the U.S. economy is depressed, the original listing is expected to the parent company Royal Network Blood transfusion of the grand literature, but also forced to delay the U.S. listing. In addition, Shanda Network's many to be listed nurturing business is also dragging its income and profit performance. This year, the active social transformation of the grand start and push a lot of new projects, covering the mobile Internet, social networks, lbs and many other fields,such as SMS Product "Have You", light blog product "Push him", lbs products "cut off" and so on.　　Chen Tianqiao said it would complete the acquisition by borrowing from JPMorgan and could complete due diligence within six weeks. News that the Royal network after the completion of privatization, will be expected to return to the Chinese A-share listing, but the Royal Network spokesman did not comment. Wang Luebbe, chairman of the consultation, said that the government is giving overseas listed companies a return to a-share listing plan, "if the privatization of the return of the listing is too costly." "Share to: