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

 

15 February, 2012
 
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 Shanda's 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, which closed on February 14, 2012, was structured as a merger pursuant to which Premium Lead acquired 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 valued 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."
 
For further information, please contact:
 
Akiko Mikumo, Asia Managing Partner, Weil, Gotshal & Manges 
 
Christine Chan, Head of Business Development, Asia, Weil, Gotshal & Manges
 

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