Shanda Games hires Sullivan&cromwell to evaluate privatisation offer

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Beijing Time February 18 Evening News, Shanda Games (Nasdaq:game) announced today that the company's Special Committee has hired Sullivanklenwil law firm (Sullivan & Cromwell LLP) as its U.S. legal advisor, Assist the Special Committee in assessing the prior privatization offer.

Shanda's game announced January 27 that it had received a private offer from a consortium led by the controlling shareholder, at a price of USD 1.9 billion. The consortium, comprising a subsidiary of Shanda Interactive Entertainment Limited and investment company Primavera Capital, has a 76.2% stake in Shanda Games. As a result, the consortium offered to buy a 23.8% stake in the grand game at a price of $6.9 per share.

January 29, the Grand game announced the establishment of an independent director Andy Lin (Andy Lin), Heng Wing Chan and the Yong Gui composed of a special Committee to assess the prior receipt of the privatisation offer. The Special Committee then said it planned to hire independent financial advisers and legal advisers to help assess the privatisation offer.

At present, the Special Committee has not yet established a specific timetable for the completion of the assessment, nor is it certain that certain agreements will be reached in the future.