Homecoming

18 October 2011 By Wei Gu

Its founder looks to be exploiting the plunging share prices of China’s U.S.-listed dotcoms. Shanda’s cash pile will cut the amount he has to put in. Delisting from the United States paves the way for a relisting in China. Others frustrated by rising U.S. scrutiny may follow suit.

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Chinese Internet firm Shanda Interactive said on Oct. 17 it received a cash offer of about $2.3 billion from its chief executive and key shareholder Tianqiao Chen to take the company private.
The buyers have held preliminary discussions with JPMorgan about financing the proposed transaction and received a “highly confident” letter, the company said in a statement.
The buyers, including Chen, his wife and non-executive director Qianqian Luo, and his brother and Shanda’s Chief Operating Officer Danian Chen, together control about 68 percent of the company, excluding options, as of Sept. 30.

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