Giant Interactive Announces Formation of Special Committee And Retention of Special Committee Legal Counsel
SHANGHAI, Dec. 2, 2013 /PRNewswire-FirstCall/ -- Giant Interactive Group Inc. (NYSE: GA) ("Giant" or the "Company"), one of China's leading online game developers and operators, announced today that, on November 26, 2013, its board of directors formed a special committee (the "Special Committee"), comprised of three independent directors of the Company, Mr. Peter Andrew Schloss, Mr. Andy Y. Yan and Mr. Jason Nanchun Jiang, to consider the previously announced non-binding proposal (the "Proposal") received by the Company's board of directors on November 25, 2013 from the Company's Chairman, Mr. Yuzhu Shi, and an affiliate of Baring Private Equity Asia ("Baring"). Since its formation, the Special Committee has been evaluating legal counsel and financial advisors to assist it in considering the Proposal. The Special Committee has retained Fenwick & West LLP as its U.S. legal counsel. Additionally, the Special Committee is in the process of evaluating potential financial advisors to assist the Special Committee in considering the Proposal. Separately, the Company has also retained Kilometre Capital as its outside strategic consultant.
As previously announced, the Proposal contemplates Mr. Shi, Baring and other persons (if any) which may join their buyer consortium, acquiring all of the outstanding shares of the Company, including ordinary shares represented by the Company's American depositary shares or "ADSs" (each representing one ordinary share of the Company) in a going private transaction at a price of US$11.75 in cash per ordinary share or ADS, subject to certain conditions (the "Proposed Transaction").
The Special Committee has not set a definitive timetable for the completion of its evaluation of the Proposed Transaction or any other alternative transaction (if any) and does not currently intend to announce developments unless and until an agreement has been reached. However, there can be no assurance that any definitive offer will be made, that any agreement will be executed or that the Proposed Transaction or any other transaction will be approved or consummated.
SAFE HARBOR: FORWARD-LOOKING STATEMENTS
This press release contains certain statements that are not descriptions of historical facts, but are "forward-looking" statements. These forward-looking statements can be identified by terminology such as "will", "should", "expects", "anticipates", "future", "intends", "plans", "projects", "predicts", "believes", "estimates", "forecasts", "may" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements, by their nature, involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, risks discussed in Giant's filings with the U.S. Securities and Exchange Commission at www.sec.gov. Giant does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Giant Interactive Group Inc. (NYSE: GA) is a leading online game developer and operator in China in terms of market share, and focuses on massively multiplayer online role playing games. Currently, Giant operates multiple games, including the ZT Online 1 Series, ZT Online 2, Elsword and World of Xianxia. For more information, please visit Giant Interactive Group on the web at www.ga-me.com.
SOURCE Giant Interactive Group Inc.