Bloomberg News

Shanda Interactive Soars in New York on Privatization Offer

October 17, 2011

(Updates share price in second paragraph.)

Oct. 17 (Bloomberg) -- Shanda Interactive Entertainment Ltd. rose the most in six months in New York after Chairman Chen Tianqiao said he would buy all outstanding shares to take the company private.

Chen, also chief executive officer, his wife Luo Qianqian and brother Chen Danian proposed buying the American depositary receipts for $41.35 each in cash, according to a company statement distributed by PR Newswire today. The shares rose 14 percent, the most since April 18, to $38.33.

As of Sept. 30, Chen and his family owned about 68.4 percent of the Shanda’s outstanding shares, the company said.

--With assistance from Irene Shen in Shanghai. Editor: Brendan Walsh

To contact Bloomberg News staff for this story: Veronica Navarro Espinosa in New York at vespinosa@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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