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Hurray's Statement Still Leaves Doubt About Chosen Suitor
May 15, 2009 |
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Comments | Category: Business, Telecom & Wireless
After days of rumors and press releases surrounding possible acquisitions of China's beleaguered wireless value-added services firm Hurray, the company has issued a statement about where it stands on the issue.
The statement reads: "Hurray! Holding Co. Ltd. announced that it had received from Best Prospect Overseas Limited an expression of interest in acquiring a 51% stake in the company, subject to due diligence and other conditions."
However, the company does not make any direct reference to rumors that Chinese online game developer Shanda is also trying to buy Hurray. The only possible reference to that deal is in Hurray's penultimate words where it states: "As noted in the April 29 announcement, the company's board is evaluating various strategic alternatives to maximize shareholder value. The board would like to reiterate that it is continuously reviewing market developments in the context of the company's strategic plans and long-term interests of shareholders."
According to news on Sina.com, Hurray will soon cut jobs to prepare for its being sold. An insider disclosed to the Chinese media that Hurray had advised its employees about the job reduction and agreed to compensate them according to the China's Labor Law. It was said that a great many employees of the company will be affected by this reduction.
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