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Shanda Games' parent sells controlling stake; CEO becomes chairman

Nov. 26, 2014 4:00 PM ETShanda Games Ltd (GAME-OLD) StockBy: Eric Jhonsa, SA News Editor
  • Shanda Interactive has sold 48.8M Shanda Games (NASDAQ:GAME-OLD -0.2%) Class B shares to a company controlled by acting CEO Yingfeng Zhang, and an equal number of shares to an affiliate of Hong Kong-based Ningxia.
  • Following the sale, Ningxia owns 24.1% of GAME's Class A and B shares, and 40.1% of its voting rights. Zhang's company respectively owns 9.1% and 34.5%. Shanda Interactive "no longer beneficially owns any ordinary shares of the Company."
  • Shanda Interactive doesn't intend to remain a member of the consortium that has offered $1.9B ($6.90/ADS) to buy Shanda Games. However, Ningxia and Zhang remain a part of it.
  • GAME also announces Zhang is now the company's chairman. He replaces Shanda Interactive co-founder Tianqiao Chen, who is leaving the board. Ningxia chairman Shengming Ma is joining the board.

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