HONG KONG, September 4, 2014 /PRNewswire/ -- Shanda Games
Limited (NASDAQ: GAME, "Shanda
Games" or the "Company"), a leading online game developer,
operator and publisher in China,
today announced that the Company's board of directors (the "Board")
has reconstituted the special committee of independent directors
(the "Special Committee") formed by the Board to evaluate the
preliminary non-binding proposal dated January 27, 2014 (the "Proposal") received by the
Board from Shanda Interactive Entertainment Limited, the
controlling shareholder of the Company, in consortium with certain
other investors (together, the "Consortium") to acquire the Company
in a "going private" transaction.
The Special Committee previously had been comprised of
Andy Lin, Heng Wing Chan and Yong
Gui.
As previously announced, a change in the composition of the
Consortium has resulted in the admission of Orient Finance Holdings
(Hong Kong) Limited ("Orient
Finance"), among others, as a new member of the Consortium.
Mr. Lin has informed the Company that he is the chief executive
officer of China Universal Asset Management Co., Ltd. China
Universal Asset Management Co., Ltd. and Orient Finance are under common
control of Orient Securities Company Limited. Given Mr. Lin's
affiliation with Orient Finance, he has resigned from the Special
Committee, and the Board has reconstituted the Special Committee to
consist of two independent directors, Mr. Chan and Mr. Gui, who are
not affiliated with any member of the Consortium, to consider and
evaluate the Proposal. The Special Committee will continue to
be advised by Bank of America Merrill Lynch as its financial
advisor and Sullivan & Cromwell LLP as its U.S. legal
counsel.
The Company cautions its shareholders and others considering
trading its securities that neither the Board nor the Special
Committee has made any decision with respect to the Company's
response to the Proposal. There can be no assurance that any
definitive offer will be made by the Consortium or any other
person, that any definitive agreement will be executed relating to
the proposed transaction, or that the proposed transaction or any
other transaction will be approved or consummated.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements in
this press release that are not historical facts represent only the
Company's current expectations, assumptions, estimates and
projections and are forward-looking statements. These
forward-looking statements involve inherent risks and
uncertainties. Important risks and uncertainties that could cause
the Company's actual results to be materially different from
expectations include, but are not limited to, the risks set forth
in the Company's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. The Company
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
About Shanda Games
Shanda Games Limited (NASDAQ: GAME) is a leading online game
developer, operator and publisher in China. Shanda
Games offers a diversified game portfolio, which includes
some of the most popular massively multiplayer online (MMO) games
and mobile games in China and in
overseas markets, targeting a large and diverse community of users.
Shanda Games manages and operates
online games that are developed in-house, co-developed with
world-leading game developers, acquired through investments or
licensed from third parties. For more information about
Shanda Games, please visit
http://www.ShandaGames.com.
Contact
Shanda Games Limited:
Ellen Chiu, Investor Relations
Director
Maggie Zhou, Investor Relations
Associate Director
Phone: +86-21-5050-4740 (Shanghai)
Email: IR@ShandaGames.com
Christensen:
Christian Arnell
Phone: +86-10-5900-1548 (China)
Email: carnell@ChristensenIR.com
Linda Bergkamp
Phone: +1-480-614-3004 (U.S.A.)
Email: lbergkamp@ChristensenIR.com
SOURCE Shanda Games Limited