Shanda begins tender offer to acquire majority interest in Hurray!

By Lisa Kerner

Charlotte, N.C., June 16 - Shanda Interactive Entertainment Ltd. began a tender offer to purchase 1,155,045,300 ordinary shares of Hurray! Holding Co., Ltd., including shares represented by American Depositary Shares, for $0.04 per ordinary share or $4.00 per ADS.

The offer ends at 12:01 a.m. ET on July 15, according to a schedule TO-T filed on Tuesday with the Securities and Exchange Commission.

As previously reported, Shanda agreed to acquire a 51% interest in Hurray! in a transaction valued at approximately $46.2 million.

The offer is conditioned on at least 51% of Hurray!'s outstanding shares being tendered in the offer and will be prorated if oversubscribed. There are no financing conditions to the offer.

Hurray!'s board has unanimously recommended that its shareholders accept the offer.

Shanda is a Shanghai, China-based interactive entertainment media company.

Hurray!, based in Beijing, provides wireless value-added services to mobile phone users in the People's Republic of China.

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