Shanda closes lower in spite of Alibaba report

|About: Shanda Games Ltd (GAME)|By:, SA News Editor

After opening higher in the wake of a report stating Alibaba is looking to acquire Shanda Games' (GAME -1.8%) main businesses (along with those of parent Shanda Interactive) Shanda Games joined other Chinese gaming firms in selling off.

The selloff suggests investors have their doubts about the report, which comes a month after Shanda Game received a $6.90/share going-private proposal.