Online gaming and entertainment company Shanda Interactive Entertainment (NYSE:SNDA) said today it has agreed to be taken private for $41.35 per American depositary share.
Premium Lead Company and New Era Investment Holding are the acquirers, at a 26.6% premium over the company's 30 day trading average prior to its announcement in October that it has received an offer.
The transaction values Shanda at $2.3 billion.
Shanda's board has approved the deal, and is recommending shareholders approve it as well.
The transaction is expected to close by the end of the first quarter 2012.
Bank of America (NYSE:BAC) advised Shanda on the transaction.
Shanda produces a variety of online games, including role-playing games, sports, fighting and racing games, among others, as well as some mobile entertainment offerings.
Its rivals include Electronic Arts (ERTS), which makes online games as well as console games, as well as Sony's (SNE) Sony Online Entertainment and Tom Online.
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