After Sina.com (ticker: SINA) repeatedly dismissed his overtures, Shanda (ticker: SNDA) CEO Chen implemented the "lightning plan" to acquire it. SNDA registered four offshore companies to make purchases of SINA stock, and made the bulk of the acquisitions during the Chinese New Year holiday. And what about CEO Chen's trip to the US?
- Sohu.com (ticker: SOHU) reported that Chen reached agreement with enough American institutional investors to be close to securing a further 20% of SINA.
- The SNDA CEO is also said to have met with Masayoshi Son, the founder of Softbank, Japan's biggest internet company, and Bill Gates. Chen reportedly agreed to help Microsoft (ticker: MSFT) promote its X-Box games console in China.
SNDA's stock market performance: