Shanda completes tender offer for majority stake in Hurray! Holding

By Lisa Kerner

Charlotte, N.C., July 22 - Shanda Interactive Entertainment Ltd. and its wholly owned subsidiary, Shanda Music Group Ltd., said that based on final results, a total of 1,423,036,660 shares of Hurray! Holding Co., Ltd. were tendered in Shanda's offer that ended on July 15.

The total includes shares represented by American Depositary Shares, a Shanda news release said.

Shanda Music accepted for payment 1,155,045,300 shares, including shares represented by ADSs.

The resulting proration factor is approximately 81.2%, said Shanda.

According to Shanda, it will now hold through Shanda Music approximately 51% of Hurray!'s total outstanding shares on a fully diluted basis.

In June, Shanda announced its tender offer to purchase 1,155,045,300 ordinary shares of Hurray!, including shares represented by ADSs, for $0.04 per ordinary share or $4.00 per ADS. The offer was valued at approximately $46.2 million.

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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