Youku Tudou Inc (ADR) (NYSE:YOKU), a leading multi-screen entertainment and media company in China, announced that Institutional Shareholder Services Inc. (“ISS”) andGlass Lewis & Co., LLC (“Glass Lewis”) have recommended that Youku Tudou shareholders vote FOR, among other things, approval of the agreement and plan of merger, dated November 6, 2015 (the “Merger Agreement”), among the Company, Ali YK Investment Holding Limited (“Parent”), Ali YK Subsidiary Holding Limited (“Merger Sub”), and, solely for purposes specified therein,Alibaba Investment Limited, the plan of merger and the transactions contemplated thereby, including the Merger (as defined below).
ISS and Glass Lewis are leading independent international proxy advisory firms and their voting analyses and recommendations are relied upon by thousands of major institutional investment firms, mutual funds and fiduciaries throughout the world.
Pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company with the Company continuing as the surviving company and becoming a wholly owned subsidiary of Parent (the “Merger”). Upon completion of the Merger, the shareholders of Youku Tudou, other than the current investment entity controlled by Alibaba Group, will have the right to receiveUS$27.60 per American Depositary Share (“ADS”, each representing 18 ordinary shares of Youku Tudou) in cash.
The Company’s extraordinary general meeting of shareholders (the “EGM”) to consider and vote on, among other things, the Merger Agreement, the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands (the “Plan of Merger”) and the transactions contemplated thereby, including the Merger, will be held on March 14, 2016 at 10:00 a.m. (Hong Kong time), at the 42nd Floor, Edinburgh Tower, The Landmark, 15 Queen’s Road, Central, Hong Kong.
Shareholders of record at the close of business in the Cayman Islands on February 11, 2016 will be entitled to attend and vote at the EGM and any adjournment thereof. The record date for ADS holders entitled to instruct Citibank, N.A., the ADS depositary, to vote the shares represented by the ADSs is the close of business in New York City on February 11, 2016. ADS holders are reminded that the deadline to vote is 5:00 p.m. (New York City time) on March 9, 2016.
The Company’s shareholders and ADS holders are urged to read carefully and in their entirety the Company’s definitive proxy materials, as they contain important information about the Company, the proposed Merger and related matters. (Original Source)
Shares of Youku Tudou Inc closed last Friday at $27.39, up $0.03 or 0.11%. YOKU has a 1-year high of $31.50 and a 1-year low of $11.85. The stock’s 50-day moving average is $27.25 and its 200-day moving average is $23.63.
Youku Tudou Inc is an Internet television company in china. Its internet television platform enables consumers to search, view and share high-quality video content quickly and easily across multiple devices.