Will third time be luck for the Chinese digital media entertainment provider Hurray? After failing at two previous attempts to be bought, the Nasdaq-traded company has received a new offer from Shanda (NSDQ: SNDA), the online gaming biggie in China, for a majority stake. Under the proposal, Shanda will commence a tender offer to acquire 51 percent, at $4.00 per ADS, which means a total deal value of about $46.2 million. The offer represents an approximately 25 percent premium over Hurray’s closing price on June 5. This offer matches on made by another investor group earlier this year, but that offer was pulled in May; the company board didn’t like the offer, and the investor group was griping about lack of transparency by the company. As WSJ points out, this has been one of the rare public takeover fights in China, mainly due to lack of wide-enough shareholder base. The new offer from Shanda has the approval of Hurray’s board. The deal is subject to completion of the tender offer for the 51 percent of shares, and other customary conditions.

SEE ALSO: Chinese Mobile Content Provider Hurray Merging With TV Producer Enlight Media; $160M Deal

Hurray started out as a mobile content firm selling ringtones and other services, but with the well documented trouble with Chinese regulatory bodies, it diversified over the years into other related activities like artist development, music production and distribution and organizing concert and other music events. It received a merger offer in 2007 with TV production firm Enlight, in a $160 million deal, but later pulled out to differences over the deal structure. More details in release.