Shanda shareholder pockets $157 million from sell-down

Shanda's share price falls in the wake of the sale, despite a reasonable discount of 3.7%.

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...

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