Shanda shareholder pockets $157 million from sell-down

The majority shareholder of China-based online games operator, Shanda Interactive Entertainment, has raised $157.4 million from a placement of secondary shares in the company following a week-long rally in the stock price.

Skyline Media sold 4.57 million American depository shares in the US-listed company at a price of $34.44 after they were offered in a range between $34.35 to $35.40. The final price equalled a 3.7% discount to TuesdayÆs close of $35.76. The placement was offered to investors on Wednesday evening Hong Kong time but was completed before the opening of US trading. UBS was the sole arranger.

Observers say the discount was reasonable...