Giant Interactive Retains Morgan Stanley Asia Limited and Duff & Phelp to Consider Previously Announced Non-Binding Proposal
Giant Interactive Group (NYSE: GA) announced today that the special committee (the "Special Committee") of its Board of Directors has retained Morgan Stanley Asia Limited and Duff & Phelps Securities, LLC as its financial advisors. The Special Committee is comprised of three independent directors of the Company, Mr. Peter Andrew Schloss, Mr. Andrew Y. Yan and Mr. Jason Nanchun Jiang, and was formed to consider the previously announced non-binding proposal (the "Proposal") received by the Company's board of directors on November 25, 2013 from the Company's Chairman, Mr. Yuzhu Shi, certain of Mr. Shi's affiliated entities and an affiliate of Baring Private Equity Asia ("Baring").
As previously announced, the Proposal contemplates Mr. Shi, Baring and other persons (if any) which may join their buyer consortium, acquiring all of the outstanding ordinary shares of the Company, including ordinary shares represented by the Company's American depositary shares or "ADSs" (each representing one ordinary share of the Company) in a going private transaction at a price of US$11.75 in cash per ordinary share or ADS, subject to certain conditions (the "Proposed Transaction").
The Special Committee