Perfect World to Acquire 30.32M Shares of Shanda Games
Perfect World (NASDAQ: PWRD) announced that it has entered into a share purchase agreement to acquire a total of 30,326,005 class A ordinary shares of Shanda Games Limited (NASDAQ: GAME). Pursuant to the share purchase agreement, the Company will acquire these shares from a wholly-owned subsidiary of Shanda Interactive Entertainment Limited, the controlling shareholder of Shanda Games, for a total consideration of US$100 million in cash. The purchase is expected to be consummated in 30 days, subject to the satisfaction of customary closing conditions.
In addition, Perfect World has also entered into an adherence agreement to become a party to the consortium agreement dated as of January 27, 2014 between Shanda Interactive Entertainment Limited and Primavera Capital (Cayman) Fund I L.P., an affiliate of Primavera Capital Limited, and participate as a new member of the consortium (the "Consortium") in the proposed "going private" transaction with respect to Shanda Games. The Consortium has submitted a preliminary non-binding proposal letter dated January 27, 2014 (the "Proposal") to