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China – Weil Advises Special Committee of the Board of Directors of Shanda in its Going Private Merger.

20 December, 2011

 

 

International law firm, Weil, Gotshal & Manges, represented the Special Committee of the Board of Directors of Shanda Interactive Entertainment Limited (Nasdaq: SNDA), a leading interactive entertainment media company in China, in its going private merger with Premium Lead Company Limited, which is jointly owned by Mr. Tainqiao Chen, Chairman of the Board, Chief Executive Officer and President of Shanda, his wife Ms. Qian Qian Chrissy Luo, who is a non-executive director of Shanda and his brother Mr. Danian Chen, who is the Chief Operating Officer and a director of Shanda.  The transaction was structured as a merger pursuant to which Premium Lead will acquire Shanda for US$20.675 per ordinary share or US$41.35 per American Depositary Share, each representing two ordinary shares.  This marks one of the largest going private transactions of a Chinese business listed in the US. The transaction values Shanda's equity at approximately US$2.3 billion on a fully diluted basis.
 
Weil’s team was led by Asia Managing Partner Akiko Mikumo (picture attached), and partner Steve Xiang, assisted by associates William Welty, Lei Yu, Erika Evasdottir and Nadia Karkar.  
 
Akiko commented, “We are very pleased to be involved in one of the largest take private M&A transactions involving a China company listed in the US.  This highlights our public company M&A capability in Asia."
 
Weil has been active in several take private transactions involving US-listed China businesses recently, including the representation of Abax Global Capital in the potential acquisition of Fushi Copperweld, (Nasdaq: FSIN), and the representation of Citigroup as the financial advisor of the buyout group in Funtalk China's going private transaction.
 
For further information, please contact:
 
Christine Chan, Weil, Gotshal & Manges
christine.chan@weil.com 
 
 

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