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China's Giant Interactive Should Buy Rival 9you |
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| Jul 31, 2008 12:47 PM UTC |
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Tracked Blogger
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Via Long Investment Ideas from Seeking Alpha:
Today (July 31), all major Chinese internet media outlets are reporting that Giant Interactive (GA) will likely pay half a billion dollars to buy Shanghai-based online game company Nineyou International Limited (9you). Rumors indicate negotiations have entered the 'detail' phase. GA and 9you both deny these reports. 9you published a formal announcement that it has no plans whatsoever to merge with another company. 
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GA closed at $9.00 Wednesday, down 10%, while the Dow Jones Industrial Average gained 1.63% and the NASDAQ rose 0.44%. $9.00$ is the all-time closing low for GA.
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