Rumor: B-Ray Media to Acquire G-bits Network
Tencent Tech, 7/25/12
An industry source revealed today that Chengdu-based B-Ray Media Corporation (600880.SH) plans to acquire Xiamen-based G-bits Network Technology, developer of online games including AskTao, for RMB 1 bln.
According to a public filing by B-Ray on July 24, the company will suspend trading on its stock for a period of up to 30 days, beginning July 25, as a planned acquisition of game assets and services through an equity transfer agreement will constitute a major restructuring of the company's assets. B-Ray engaged an intermediary agency on July 22 to handle investigation, auditing, and assessment of its acquisition target, and details of the acquisition agreement have not yet been hammered out.
Established in March 2004, G-bits engages in R&D for online games. The company's first self-developed game, AskTao, went on sale in April 2006. In March 2011, G-bits established a wholly owned subsidiary, Xiamen Jufeng Software Technology, with a focus on graphic and 3D design, web design, and other services. In July 2011, G-bits established Quwan Hutong, a wholly owned subsidiary engaging in R&D and marketing for online games.
Keywords: G-bits Internet B-Ray Media 600880.SH online gaming M&A
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