last night, perfect world announced its $100 million cash takeover shanda games A total of 30326005 shares of class A common stock. In addition, the perfect world also signed a subsidiary agreement, joined shanda interactive entertainment co., LTD and Primavera Capital (Primavera Capital Limited) associated with Fund Primavera Capital Fund (Cayman) I L.P. On January 27, 2014, a consortium agreement signed. Perfect world will serve as a new member to participate in the proposed about shanda “privatization” deal.
the alliance was on January 27, 2014 to the big game board presented a preliminary non-binding offer letter and proposed through the “privatization” trading to $3.45 a share, or $6.90 per American depositary shares shanda games. According to the current market value of shanda games, perfect after completion of the acquisition will hold a grand game about 5.6% of the company, the purchase price of $3.3 a share.
so, perfect did a very successful business, but far more than that, the purpose of perfect grand also won’t do lose money buying and selling, of course. Although this level of acquisition, belongs to the two companies in the bulk of the winter, but have to say is, although the two companies together, but each bosom worry.
perfect for yourself one more option
although it is in any shares listed overseas window period, but overseas for the pattern of Chinese online game companies is still not approved, online game enterprises after the fast loop and scale, the p/e ratio and stock prices are falling. The privatisation of the cost may be more cost-effective than had to borrow from the bank.
in game subject matter to the attention of domestic capital market has reached an unprecedented height. Compared with less than 10 times earnings overseas, such as middle bao, zhang boring technology at one hundred times the earnings for the original more tempting to game companies listed overseas.
this giant walking in the front. Last November, the giant first opens the privatization process. Since then, the message pointed out that perfect world founder Michael chi with Banks frequent contact, hope can complete in a perfect world with a $1.2 billion valuation privatisation of the company. The message is not old-age, shanda games also opens the privatization in late January.
this show perfect, even back to the domestic market, three competitive market pattern will not change. But on privatization slow step perfect, also need to find a way of some unusual, can the enemy first.
perfect with $100 million, took a 5.6% stake in shanda games, can cast shanda games this pebble, asked this road of China’s capital markets. Namely destroyed a rival, and also for more than an ally, kill two birds with one stone of it.
if the giant, shanda games or after Hong Kong, domestic market response is good, the p/e ratio of high-speed growth. Perfect can negotiate with shanda games, in at a high price to sell back to the latter that 5.6% of the shares at the same time, start the process of privatization regression listed separately in the domestic market. This case perfectly sure.
if the giant, shanda’s return to the road is not ideal, the perfect can buy at a lower price big remaining stake, complete overseas to the domestic quick backdoor listings, or packaging, other businesses, the overall packaging before backdoor listings. This case still make perfect.
great to find a backer
although the grand market capitalisation of $1.815 billion, and perfectly only $967 million, but the difference in their respective groups under different roles.
shanda games always appears in big group of ATM, he is a big group of the main support of cash flow, while the world is not the only the hands of Michael chi perfect chip.
according to insiders revealed that the perfect game business income accounted for only 30% of overall income – 40%, perfect the important source of income or on the film and television, investment.
but from the recent rumors about shanda games continuously contact the Internet company, shanda games for the domestic market would recognise this batch of online game company and don’t have much confidence, according to people familiar with the matter, after shanda had contact with the 360, but in the end no substantive results.
in the market under the condition of uncertainty, to draw the perfect such a widely in the field of entertainment company, also convenient shanda games better foothold in the domestic market.
in addition, the two sides also have a broad space for cooperation on business, after all, perfect and the number of users of shanda games together still is compelling.
Source: sina science and technology