Chinese game maker Perfect World gets go-private bid from founder

January 2
9:39 PM 2015

Chinese online game developer Perfect World Co Ltd (PWRD.O) said it received a go-private proposal from founder and Chairman Michael Yufeng Chi at $20 per ADS, valuing the company at nearly $1 billion.

The offer represents a premium of 27 percent to Perfect World's closing price on the Nasdaq on Wednesday. The ADSs rose to a high of $19.27 in early trading on Friday.

Perfect World, which makes online multiplayer games such as "Perfect World," "Jade Dynasty" and "Battle of the Immortals," said it had formed a special committee of independent directors to consider the proposal.

It was not immediately clear how much of Perfect World Chi and his interests already own.

The company, whose Chinese competitors include Shanda Games Ltd (GAME.O) and Ltd (CYOU.O), also said it appointed Yunfan Zhang Chief Operating Officer.

Perfect World's stock, which fell about 11 pct in 2014, closed at $15.76 on Wednesday, little changed from its IPO price in July 2007. The stock hit a record high of $50.49 in 2009.

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