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Zhejiang Daily Media to acquire Shanda's units

Apr. 10, 2012 (China Knowledge) - Zhejang Daily Media Group Co Ltd<600633>, a state-controlled media company based in Zhejiang Province and formerly known as Shanghai Whitecat Shareholding Co Ltd, has announced plans to acquire two units from Shanda Interactive Entertainment Ltd that delisted from the Nasdaq earlier this year.

According to the plans, the Shanghai-listed buyer will acquire Hangzhou Bianfeng Network Technology, a casual game firm, and Shanghai Haofang, a developer of online game platforms, from Shanda. The two target companies are valued at RMB 3.49 billion in total.

RMB 2.5 billion of the total consideration will be raised via a private placement. In the offer, the buyer will issue not more than 180 million shares to ten selected investors for RMB 14.1 apiece, less than the issuer's closing price of RMB 16.49 on Mar. 5.  

The issuer's parent co Zhejiang Daily Media Holding Group Ltd has promised to subscribe not less than 10% of the to-be-issued shares.

The two target firms Bianfen and Haofang earned RMB 140 million and RMB 15.39 million in net profit, respectively, last year.

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