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Shanda Interactive Entertainment family buyout completed

Thu 16 Feb 2012 10:19am GMT / 5:19am EST / 2:19am PST
Online

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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