2009-06-08

Shanda makes an offer for Hurray!

Shanda to Take Over Hurray
Shanda Interactive Entertainment Inc. announced plans to launch a tender offer for 51% of fellow Chinese online-entertainment concern Hurray Holding Co. with the support of Hurray's board.

Shanda is offering $4 per American depositary share, a 25% premium to Friday's closing price. The shares bottomed out at 93 cents three months ago, but have surged since late April amid potential takeover efforts.

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