Harneys is providing Cayman Islands advice to the Special Committee of leading Chinese internet video company Ku6 Media Co. (KUTV) on its merger with private investment group Shanda Investment Holdings Limited.
Under the agreement, Shanda will acquire KU6 Media in a cash transaction of US$0.0108 per ordinary share. Shanda beneficially owns approximately 69.9% of KU6 Media’s issued and outstanding Shares. The merger will take place by way of a “going private transaction” which will see Shanda wholly own Ku6 Media and is set to be finalized later this year.
Ku6 Media provides online video uploading and sharing services, video reports, information and entertainment in China.
Harneys is providing Cayman Islands legal advice on the transaction, alongside Weil, Gotshal & Manges LLP, who is providing US law advice to the Special Committee.