Softbank has agreed to sell the bulk of its shares in GungHo Online Entertainment, the latter announced. At the close of its tender offer to buy back shares for treasury stock, GungHo said it accepted to purchase a total 248.3 million, at JPY 294 each. Of the total, Softbank and its subsidiaries will sell 245.6 million, raising the Japanese company JPY 72.2 billion (USD 679 million). After completing the sale, Softbank will still hold 3.8 percent of the voting rights in GungHo.
