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BEIJING, Sept. 2, 2014 /PRNewswire/ -- Perfect World Co., Ltd. (NASDAQ: PWRD) ("Perfect World" or the "Company"), a leading online game developer and operator based in
China, today announced that it has entered into a definitive agreement to sell a total of 30,326,005 class A ordinary shares of Shanda Games Limited (NASDAQ: GAME) ("
Shanda Games"), being the entire equity interest that Perfect World previously acquired. Pursuant to the agreement, the Company will sell these shares to Shanghai Buyout Fund L.P., a third party unrelated to Perfect World, at a premium for a total consideration of
US$104,624,717 in cash. The transaction is expected to be consummated in 30 days, subject to the satisfaction of customary closing conditions.
In addition, Perfect World has also entered into an agreement to withdraw from a consortium (the "Consortium") to which the Company had joined per an adherence agreement to the consortium agreement dated as of
January 27, 2014 between Shanda Interactive Entertainment Limited, the controlling shareholder of
Shanda Games, and Primavera Capital (Cayman) Fund I L.P., an affiliate of Primavera Capital Limited, in the proposed "going private" transaction with respect to
Shanda Games. The Consortium had submitted a preliminary non-binding proposal letter dated
January 27, 2014 (the "Proposal") to the board of directors of
Shanda Games, whereby the Consortium proposed to acquire
Shanda Games in a "going private" transaction for
US$3.45 per class A or class B ordinary share of
Shanda Games, or
US$6.90 per ADS. The Proposal constitutes only a preliminary indication of the interest of the Consortium and is subject to negotiation and execution of definitive agreements relating to the proposed acquisition transaction. Upon the withdrawal on
September 1, 2014, Perfect World ceased to be a member of the Consortium.