Davis Polk & Warwdell, Weil, Gotshal & Manges and Akin Gump Strauss Hauer & Feld have scored leading roles in Shanda Investment Holdings’ acquisition of leading Chinese Internet video company Ku6 Media.
Ku6 Media said its board, acting upon the unanimous recommendation of its Special Committee, unanimously approved the merger, which is currently expected to close in the second half of 2016.
Led by Hong Kong-based partner Miranda So, Davis Polk is advising Shanda, which turned toConyers Dill & Pearman to advise on Cayman Islands legal matters. Partner Richard Hall of Conyers’ Hong Kong office is overseeing the deal.
Weil, Gotshal & Manges is serving as U.S. legal advisor to the Ku6’s Special Committee, which tapped Harney Westwood & Riegels as Cayman Islands legal counsel. Meanwhile, Akin Gump is representing Duff & Phelps, the financial advisor to Ku6’s Special Committee.
Shanda, which currently owns around 69.9 percent of Ku6 Media’s issued and outstanding shares, plans to take the company private at the price of $1.08 per American Depositary Share. That would value Ku6 at around $51.5 million.
Headquartered in Beijing and listed on NASDAQ, Ku6 Media is focused on user-generated content, providing online video uploading and sharing services, video reports, information and entertainment in China.
Other consolidation in the Chinese video sector includes the ongoing transaction which sees Alibaba poised to acquire Youku Tudou for over $3 billion.
