Chinese online game developer Giant Interactive Group Inc. said it received a non-binding proposal from its chairman Yuzhu Shi and a Baring Private Equity Asia affiliate to go private. 

A report by Reuters said that the two offered to take the company private for a price of USD11.75 per American Depositary Share (ADS). 

The deal offer represents a premium of 16% to the company's ADS's closing price on the New York Stock Exchange (NYSE) on Friday, the report said. Giant Interactive was listed in the NYSE in 2007, according to its company profile. 

Reuters said that the consortium values the online game operator at around USD2.82 billion. It expects to finance the privatization deal through debt and equity capital. 

The group owns a 47.2% stake in the Chinese company as of November 25, the report said. 

In 2008, French bank BNP Paribas said that Giant Interactive had the third-largest share of the Chinese online games market with 11.9%. Meanwhile, the French bank's media unit labeled the company as China's industry leader of online games during the same year.