CVC backs $1.3 billion bid for Chinese games developer Leyou: sources [Reuters]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Reuters
CVC backs $1.3 billion bid for Chinese games developer Leyou: sources HONG KONG (Reuters) - Private equity firm CVC Capital Partners is backing a bid by Chinese game firm iDreamSky Technology ( 1119.HK ) to take over its rival Leyou Technologies Holdings ( 1089.HK ) in a $1.3 billion deal, said four people with knowledge of the matter. The consortium plans to make a binding HK$3.3 per share offer to take Hong Kong-listed Leyou private as soon as early April, the sources said. The price represents an almost 30% premium to the HK$2.56 average price of Leyou’s shares since January. On Thursday, its shares closed at HK$1.58. Tencent-backed iDreamSky aims to hold a majority stake after it combines with Leyou, while CVC would have a significant minority stake, said two of the people. Leyou’s controlling shareholder, Charles Yuk, who owns 52.4% of the company, may retain a small stake after any deal, said one of the sources. The move comes as iDreamSky, a large mobile game publisher, is
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