Perfect World Founder Sends Proposal to Buy All Shares

By   /   Jan 5, 2015

Perfect World, one of the largest game companies in China, is considering going private this year in accordance to a proposal submitted by the company’s founder.

Michael Yufeng Chi, who is also the current chairman of the board, wrote to the board of directors on December 31, 2014 to acquire all remaining shares of the studio for $20 per American Depositary Share or $4 per ordinary share in cash. Chi already owns some of the company’s stocks but it’s unconfirmed as to what percentage he exactly owns.

In response, the company has put together a three-man committee to evaluate the proposal: Daniel Dong Yang, Dr. Bing Xiang and Han Zhang. While still early, the committee shows no sign of accepting Chi’s proposal and the company’s shareholders have been advised not to trade in their securities.

During the last financial quarter, which ended in September last year, Perfect World saw slight revenue gains offset by a 50 per cent drop in net profits, which it attributed to the performance of its US operations.

Source Game Industry