WASHINGTON (dpa-AFX) - Giant Interactive Group Inc. (GA), one of China's leading online game developers and operators, announced that it has entered into a definitive Agreement and Plan of Merger with Giant Investment Limited and Giant Merger Limited, a wholly owned subsidiary of Parent.
Pursuant to the Merger Agreement, Parent will acquire the company for cash consideration equal to US$12.00 per ordinary share of the company and US$12.00 per American Depositary Share or ADS of the company, each representing one Share, or approximately US$3.0 billion in aggregate cash consideration.
The company said the consideration to be paid to holders of Shares and ADSs pursuant to the Merger Agreement also represents an increase of about 2.1% from the original US$11.75 per Share and US$11.75 per ADS offer price in the November 25, 2013 'going private' proposal.
Under the terms of the Merger Agreement, the Company is not permitted to pay any dividends or repurchase any Shares pending consummation of the Merger. As a result, the Company's board of directors has suspended the Company's previously announced share repurchase program and dividend policy.
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