Wilson Sonsini Goodrich & Rosati, Weil Gotshal & Manges and O’Melveny & Myers have the lead roles on a $2.86 billion bid to privatize Chinese online game developer Giant Interactive Group Inc.

New York Stock Exchange-listed Giant said in a press release the company board has received a proposal by a consortium led by chairman Shi Yuzhu and an affiliate of Baring Private Equity Asia to acquire all of the company’s outstanding ordinary shares at a price of $11.75 per share. As of November 25, 2013, Shi and the consortium collectively own 47.2 percent of Giant.

The Shanghai-based company said they have formed a special committee consisting of directors unaffiliated with Shi and the consortium to evaluate the proposal.

Founded in 2005, Giant develops and operates multiplayer online role playing games in China. Shi Yuzhu, whose net worth was valued at $3.1 billion by Forbes, stepped down as chief executive officer in April citing personal reasons. Analysts believe Shi wants to take Giant private in order to prepare for a future listing in China where online gaming stocks have recently performed better than in the U.S.

Hong Kong partner Weiheng Chen and Shanghai partner Zhan Chen are leading the Wilson Sonsini team advising Shi Yuzhu and the consortium.

Weil Gotshal Hong Kong partner Akiko Mikumo is representing Baring Private Equity. O’Melveny & Myers Silicon Valley partner Portia Ku and San Francisco partner Kurt Berney are acting for Giant.

Email: azhang@alm.com.