Shanda Interactive Entertainment family buyout completed

Chinese online gaming company Shanda Interactive Entertainment has completed its planned merger, which saw CEO Tianqiao Chen buy out the company, paying $41.35 per share.

Buyout plans were first reported in November and were funded by Chen's wife Qianqian Luo who is a non-executive director, and his brother Danian Chen, who acts as COO and director.

The move gave the company a valuation of $2.3 billion, and was backed by 87.3 per cent of shareholders at a recent vote. It also removed the company, a rival of larger company Tencent, from the NASDAQ stock exchange.

Recently the company announced plans to release Trion Worlds' online game Rift in China.