Jun Tang: Back In The Day, Shanda Rejected Yahoo
Yahoo (Nasdaq: YHOO) offered to acquire Shanda (Nasdaq: SNDA) for $1 billion before spending the same amount to purchase stake in Alibaba.com (1688.HK) in August 2005, reports Sohu quoting former Shanda president Jun Tang at a press conference on Tuesday. According to Jun, Shanda CEO Chen Tainqiao rejected the deal based on a clause that would make Yahoo the controlling shareholder of the company within three to five years after the investment.
Jun Tang confirmed his intention to join Fuzhou-based Newhuadu Industrial Group Co., Ltd as president at Tuesday's conference.
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