- 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.