Orrick, Herrington & Sutcliffe and Skadden, Arps, Slate, Meagher & Flom are leading a $1 billion deal that will see Chinese gaming company Perfect World Co. Ltd. taken private by founder and chairman Michael Chi.
Chi offered to buy all the outstanding shares of Nasdaq-listed Perfect World at $4 apiece, a 28 percent premium to the company’s closing price just prior to receiving the take-over proposal in January. The deal values Perfect World at $1 billion.
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