Shanda Interactive Entertainment Ltd. (SNDA) and Hurray! Holding Co., Ltd. (HRAY), a China-based wireless value-added service provider, Monday announced a definitive agreement under which Shanda, through a wholly-owned subsidiary, would buy a 51% stake in Hurray! at a price of US$0.04 per shares or US$4 per ADS. The total transaction value is about US$46.2 million.
As per the deal, Shanda Interactive would set out a tender offer to acquire 51% of the total outstanding ordinary shares of Hurray! on a fully diluted basis, including shares represented by the American Depositary Shares of Hurray!. The offer price represents around 25% premium over Hurray!'s closing price on NASDAQ on June 5.
The tender offer will be completed subject to the condition that at least 51% of Hurray!'s outstanding shares are tendered in the offer.
Shanda Interactive, however, said, if more than 51% of the outstanding shares of Hurray! are tendered, then the number of shares Shanda would purchase would be reduced on a pro-rata basis. The transaction is not subject to any financing conditions and the board of directors of Hurray! has unanimously recommended the offer to Hurray!'s shareholders.
SNDA is currently trading at $60.19 down $2.56 or 4.11%, on a volume of 0.61 million shares.
HRAY is currently trading at $3.59, up $0.49 or 15.31%, on a volume of 0.32 million shares.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.