Shanda game valuations about 1.85 billion dollars privatized consortium restructuring

Since February this year has been rumored to continue the process of the privatization of Shanda Games has been the latest progress.

Shanda Game official website announced the latest announcement, January 27 this year because of the privatization of Shanda games to create a series of membership changes, Oriental Financial Holdings (Hong Kong) Limited, Shanghai mergers and Acquisitions Equity investment fund and the Chinese Silver Velvet Industry recently joined the consortium, the perfect world, such as the announcement, the Grand Network became the third largest

Grand Game Public Relations senior Director Zhuge in the "First financial daily" reporter interview, said the outside of the Grand game of spin-off sold to Tencent (129.3, 3.60, 2.86%, real-time quotes) of the news is non-existent, Shanda will not quit the game industry, the goal is to play the game cake bigger.

Orient Securities into the first major shareholder

On the Grand Game privatization Progress, "the first financial daily" reporter called the Grand Public relations yesterday, the other party said the relevant matters to the Grand Game official website September 2 disclosure of the content prevail.

According to the announcement, the Oriental finance will be from the Grand Interactive (Shanda Interactive) wholly-owned subsidiary of Shanda SDG Investment Co., Ltd. to acquire 123 million shares of a common stock, accounting for 23% of the total shares; Haitong Securities (Shanghai Buy-Out Fund parent company) Will be from the Grand SDG and the perfect world to acquire 107 million shares of Class A common, accounting for 20% of the total number of common shares;

Oriental Financial Holdings (Hong Kong) Limited is a wholly owned subsidiary of Oriental Securities. In the change of the Grand Game Privatization Consortium, Orient Securities has attracted much attention as the largest shareholder.

Shanda Games Senior director of public relations, Zhuge, told the first financial daily that the purchase contract had been signed but not yet delivered. He said it was inconvenient to disclose how the three new entrants were acquiring stakes. After the completion of the acquisition, Oriental Securities became the largest shareholder, Haitong Securities is the second largest shareholder, the Grand Network shareholding 18%, is the third largest shareholder, the Chinese Silver Velvet Holdings 15% occupy the fourth place, the remaining 24% per cent by small retail shareholders hold.

The new member of the Consortium Ningxia China Silver Velvet Industry Co., Ltd. issued a notice of suspension of major matters on August 25, and issued a notice on the progress of major matters on September 1, saying that the company and the parties are still discussing the important matter, in order to avoid abnormal stock price fluctuations, the company continued to apply for stock suspension At present, the Chinese silver velvet industry is still in suspension.

Before joining the consortium of Primavera (Spring Capital), the perfect World, FV investment Holdings, CAP IV indicators 2¥q all exit. The Coalition is a grand game of controlling shareholder set up for its privatisation on January 27 this year.

In other words, in the process of privatization of the Grand game, the consortium reorganized the original spring capital and other dollar funds into the current Oriental securities, Haitong Securities and other renminbi funds. There are industry analysis, the move may be conducive to the future of Shanda games in the domestic market listing.

For the outside of the big game to borrow shell in the silver velvet industry to land a share market speculation, Zhuge yesterday has not been confirmed.

Grand valuation of 1.85 billion dollars?

On the morning of September 3, the perfect world formally announced an agreement to sell its previously purchased Grand Gaming stake, totaling 30.32 million shares of Class A, and withdrawing from a previously joined Takeover Alliance, no longer involved in "privatisation" deals on Shanda's games.

On April 21 this year, however, the perfect world has just joined the consortium and acquired the grand-Class A common stock from a wholly owned subsidiary of the Shanda network with a total of 100 million dollars in cash.

So roughly, the perfect world has a certain premium in the sale of Shanda's stakes in the game.

The perfect world in the transaction of the price per share of the calculation of 3.45 U.S. dollars, which calculated the three new companies to buy the amount of about 1.0749 billion U.S. dollars, according to the ratio of 58% (23%+20%=15%), the current valuation of Shanda game is about 1.853 billion U.S. dollars ( About 11,389,390,000 yuan), compared to the current Shanda game market capitalisation of 1.699 billion premium of about 9%.

Zhuge told reporters that the restructuring of the consortium will not have an impact on the Grand game privatization program. It is reported that the consortium had submitted a letter of offer to the board of Directors of Shanda on January 27 this year, which proposed a "privatisation" deal to buy a grand game at $3.45 per share or US depository voucher of $6.90 each.

Yesterday, yunting, an intellectual property lawyer who worked in Shanda, analyzed the reporter from the first financial daily, Chen Tianqiao has an idea on the capital market, so long as there are commercial interests, willing to pay attention to achieve, compared to the Nasdaq (4572.56,-25.62,-0.56%), the domestic market for the game higher valuations, It is also one of the core reasons for Shanda to retreat from the Nasdaq to the A-share market.