NEW YORK (TheStreet) -- Chinese online game developer Shanda Games (GAME) announced Monday that it had received a nonbinding takeover bid from a group led by its controlling shareholder. Shares were gaining 12% to $6.33 in early Monday trading.
Shanda Interactive Entertainment and an affiliate of Primavera Capital, which combine to own an approximately 76% stake in Shanda Games, have made an offer of $6.90 per American depositary share (ADR) to buy the company's remaining shares. Shanda Games will now review the proposal via the creation of a special committee of independent directors, which will also review "other strategic options," according to the company statement.
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