Chinese MMO company Shanda Games is to go private, having been bought out by its parent company.
CEO and board member Tianqiao Chen, along with wife and non-executive director Qian Qian Chrissy Luo, and his brother and chief operating officer Danian Chen, are buying all shares in the company at $41.35 each - a 26.6 per cent premium on their closing price on October 17, when the deal was first proposed.
The three family members had previously held a 69 per cent majority stake in the business, and the deal will be funded by a $180 million dollar loan from Merrill Lynch and a cash contribution from the buying group.
Shanda Games operates a number of original and licensed titles in China, including MapleStory, Ragnarok Online, Dungeons and Dragons Online and Aion.
Profits for the last quarter were up 18.5 per cent to $53.9 million, with revenues at $212.9 million.