SHANGHAI, July 22 /PRNewswire-Asia/ -- Shanda Interactive Entertainment
Limited ('Shanda') (Nasdaq: SNDA), a leading interactive entertainment media
company in China, and Shanda Music Group Limited ('Shanda Music'), a wholly
owned subsidiary of Shanda, today announced final results and completion of
the tender offer for 1,155,045,300 ordinary shares, par value $0.00005 per
ordinary share ('Shares'), of Hurray! Holding Co., Ltd. ('Hurray!'), including
Shares represented by American Depositary Shares ('ADSs,' each representing
100 Shares) at a purchase price of $0.04 per Share (equivalent to $4.00 per
ADS) in cash, without interest and subject to any applicable withholding taxes.
The tender offer expired at 12:01 a.m., New York City time, on July 15,
2009.
Citibank, N.A., the ADS tender agent, has advised Shanda that based on its
final tabulation, 11,568,039 ADSs (representing 1,156,803,900 Shares) were
validly tendered and not withdrawn. Conyers Dill & Pearman, the Share tender
agent, has advised Shanda that based on its final tabulation, 266,232,760
Shares were validly tendered and not withdrawn. Based on these final results,
the aggregate number of Shares (including Shares represented by ADSs) validly
tendered and not withdrawn was 1,423,036,660 Shares (including Shares
represented by ADSs).
Shanda Music has accepted for payment 1,155,045,300 Shares (including
Shares represented by ADSs) that were validly tendered and not withdrawn.
Because 1,423,036,660 Shares (including Shares represented by ADSs) were
validly tendered and not withdrawn, the resulting proration factor is
approximately 81.2% of the number of Shares (including Shares represented by
ADSs) validly tendered and not withdrawn. Accordingly, Shanda Music will
purchase from each tendering shareholder approximately 81.2% of the Shares
(including Shares represented by ADSs) that were validly tendered and not
withdrawn, subject to adjustments to avoid purchases of fractional Shares or
fractional ADSs. Citibank, N.A., the ADS tender agent, will promptly issue
checks as payment for the ADSs accepted for payment based on this proration
factor and adjustments to avoid purchases of fractional ADSs. Shanda will
promptly wire the payments for the Shares accepted for payment based on this
proration factor and adjustments to avoid purchase of fractional Shares.
