After a long, confusing and often hilarious public process, Chinese mobile and PC game publisher Shanda Games (NASDAQ:GAME) has decided to accept an offer to take it private.
Originally announced in January 2014, the all-cash deal is worth $1.9 billion and is expected to close in the second half of 2015.
Quite why the process has taken so long, or involved so many changes of consortium companies and changes of Shanda Games' executives, remains unclear.
Dog's dinner
Following the deal, the company will be controlled by a consortium operating under Cayman Islands law and consisting of the following companies.
- Ningxia Yilida Capital Investment Limited Partnership,
- Ningxia Zhongyincashmere International Group Co., Ltd,
- Orient Hongtai (Hong Kong) Limited,
- Orient Hongzhi (Hong Kong) Limited,
- Hao Ding International Limited,
- Ningxia Zhengjun Equity Investment Partnership Enterprise,
- Ningxia Silkroad Equity Investment Partnership Enterprise, and
- Ningxia Zhongrong Legend Equity Investment Partnership Enterprise.
Between them they will own 75.7 percent of the shares and have 90.7 percent of the voting rights.
