SHANGHAI, June 8 /PRNewswire-Asia/ -- Shanda Interactive Entertainment
Limited (or Shanda) (Nasdaq: SNDA), a leading interactive entertainment media
company in China, and Hurray! Holding Co., Ltd. (or Hurray!) (Nasdaq: HRAY), a
leader in artist development, music production and wireless music distribution
and other wireless value-added services in China, today announced that they
have entered into a definitive agreement under which Shanda, through a
wholly-owned subsidiary, will commence a tender offer to acquire 51% of the
total outstanding ordinary shares of Hurray! on a fully diluted basis
(including shares represented by the American Depositary Shares of Hurray!
('ADSs')) at a price of US$0.04 per ordinary share (or US$4.00 per ADS).
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The offer price represents an approximately 25% premium over Hurray!'s
closing price on NASDAQ on June 5, 2009. The total transaction value is
approximately US$46.2 million.
Completion of the tender offer will be subject to the condition that at
least 51% of Hurray!'s outstanding shares, on a fully diluted basis, are
tendered in the offer and other customary conditions. If more than 51% of the
outstanding shares of Hurray! are tendered in the offer, then the number of
shares Shanda will purchase from each tendering shareholder will be reduced on
a pro rata basis. The transaction is not subject to any financing conditions.
The Board of Directors of Hurray! has unanimously recommended the offer to
Hurray!'s shareholders.
Hurray!, a NASDAQ-listed company, is a leader in artist development, music
production and offline distribution and also organizes concerts and other
music events in China through its affiliated music companies. Hurray! is also
a leading online distributor of music and music-related products such as
ringtones, ringbacktones, and truetones and other types of wireless
value-added services to mobile phone users in China.
Mr. Tianqiao Chen, Chairman of the Board of Shanda said, 'We respect the
work by Hurray!'s board and management and their efforts in defining Hurray!'s
strategies and direction and believe that Shanda's user base, resources and
platform will facilitate the continued execution of these strategies.'
Mr.
