HONG KONG, June 12, 2009 - Morrison & Foerster represented Hurray! Holding (NASDAQ: HRAY) in the signing of a definitive agreement with one of China's leading interactive entertainment media companies, Shanda Interactive Entertainment Limited (NASDAQ: SNDA) ("Shanda").  Under the agreement, Shanda, through a wholly-owned subsidiary, will commence a tender offer to acquire 51% of the total outstanding ordinary shares of Hurray! on a fully diluted basis at a price of US$4.00 per ADS. The total transaction value is approximately US$46.2 million.  This is the first public tender offer involving two US-listed companies based in China, and has received extensive media attention in the region.  San Francisco partner Michael O'Bryan led the Morrison & Foerster team.

The firm has advised Hurray! since 2004 and was IPO counsel to the company when it listed on NASDAQ in 2005.   Hurray! is a leader in artist development, music production and offline distribution and also organizes concerts and other music events in China through its affiliated music companies.  Hurray! is also an online distributor of music and music-related products such as ringtones, ringbacktones, and truetones and other types of wireless value-added services to mobile phone users in China.