QuoteDisplay More
Perfect World Chairman Taking Company Private Through BuyoutSarah FrierApr 26, 2015 3:37 pm ET
(Bloomberg) -- Perfect World Co., a Beijing-based gaming company, is in a deal to go private by way of a buyout by its chairman.
Michael Yufeng Chi, the founder and chairman of Perfect World, will
take it private through a company he incorporated in the Cayman Islands
called Perfect Peony Holding Co., according to a statement Sunday.
His board-approved takeover, which will be financed by a $900
million loan facility, gives Perfect World a 28.2 percent premium over
its Dec. 31 closing price, the last trading day before the proposal was
announced. Perfect World’s American depository receipts gained 1.4
percent to $18.52 at the close in New York on April 24.
Perfect World, which has gained this year since Chi first proposed
the deal in January, is going private amid shrinking profits. Its users
are switching to lower-margin mobile games instead of more lucrative
personal computer versions.
The merger is expected to close in the second half of this year.
Class A shareholders will get $4.04 per share, while investors will get
$20.20 for each ADR, equal to five Class B shares.
Source
