Shanda Interactive Entertainment family buyout completed
87 per cent of shareholders in favour of CEO takeover
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.
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