Shanda (SNDA) To Acquire Majority Stake in Hurray! (HRAY) For $4/Share
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Shanda (Nasdaq: SNDA) and Hurray! (Nasdaq: HRAY) 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 ADSs of Hurray! at a price of US$0.04 per ordinary share (or US$4.00 per ADS).
Shares of HRAY are currently halted after trading at $3.25.
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.
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