Shanda Selling 7.4 Percent of Its Stake in Sina For $130 Million

Shanda has given up any remnant hopes of taking over Chinese internet portal Sina, and has sold a 7.4 percent stake in Sina. The four million Sina shares, sold to Citgroup, has net Shanda about $130 million. It will continue to hold about 2.1 million shares of Sina, or about 3.9 percent of the company.
Shanda and its CEO Chen Tianqiao’s investment vehicle, Skyline Media Limited, acquired stakes in Sina worth $230 million between January 12 and February 10 in 2005, for a combined stake of 19.5 percent, but Sina adopted a poison pill, so Shanda couldn’t move any further.

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