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Difficulty level: hard

26 March 2020 By Alec Macfarlane

Tencent-backed iDreamSky wants to take over larger rival Leyou for $1.3 bln with CVC’s help. The suitor’s Nasdaq delisting and subsequent relisting in Hong Kong have not gone well, but owning the Warframe developer makes strategic sense. The financial logic is less compelling.

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