SHANGHAI, Jul. 23, 2009 (Xinhua News Agency) -- Shanda Music Group Ltd (Shanda Music) recently announced that it has completed the acquisition of music production company Hurray! Holding Co., Ltd. (NASDAQ:HRAY)

A statement from Shanda Music's parent company Shanda Interactive Entertainment Ltd (NASDAQ:SNDA) (SNDA.NASDAQ), said its subsidiary has acquired 1.155 billion ordinary shares of Hurray!, including shares represented by American Depositary Shares (ADSs), at a purchase price of 0.04 U.S. dollars per share in cash, without interest and subject to any applicable withholding taxes.

The tender offer expired on July 15, at 12:01 a.m. New York City time.

Citibank, the ADS tender agent, has advised Shanda that based on its final tabulation, 11.568039 million ADSs, or 1.1568 billion ordinary shares, were validly tendered and could not be withdrawn.

Shanda Interactive Entertainment now holds, through Shanda Music, about 51 percent of Hurray!'s shares.