(Yicai Global) Nov. 6 -- Chinese gaming firm Giant Network Group has changed its plans of how to finance an acquisition of Alpha Frontier, an Israeli board game company.
Giant Network will start to focus solely on issuing its own stocks instead of paying partly in cash, the Shanghai-based firm said in a statement.
The company will more than double the number of its stocks to 1.6 billion and reduce the offering price of new shares about 50 percent to CNY19.61 (USD2.88). The Chinese gaming firm [SHE: 002558] rose 4.95 percent today to close at CNY19.92.
Giant Network began looking into options after it heard the set price of CNY30.5 billion (USD4.5 billion) for Alpha, which is over 50 percent of the Chinese company's assets as of last year.
Giant Network made CNY297 million (USD42.9 million) in profits in the third quarter, which was 40 percent more than during the same period in 2017. Revenues rose 29 percent to CNY619 million.
Editor: Emmi Laine