Stock Update (NASDAQ:DSKY): iDreamSky Technology Ltd (ADR) Announces Shareholders Vote to Approve Going Private Transaction


iDreamSky Technology Ltd (ADR) (NASDAQ:DSKY), China’s leading independent mobile game publishing platform, today announced that the Company’s shareholders voted in favor of, among others, the proposal to authorize and approve (i) the previously announced agreement and plan of merger (the “merger agreement”) dated December 31, 2015 by and among Dream Investment Holdings Limited (“Parent”), Dream Merger Sub Limited (“Merger Sub”) and the Company, pursuant to which Merger Sub will be merged with and into the Company with the Company continuing as the surviving company as a wholly-owned subsidiary of Parent after the merger (the “merger”), (ii) the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands, substantially in the form attached to the merger agreement (the “plan of merger”), and (iii) any and all transactions contemplated by the merger agreement, including the merger.

Immediately after the completion of the merger, Parent will be beneficially owned by a consortium led by Mr. Michael Xiangyu Chen, chief executive officer and chairman of the board of directors of the Company and Mr. Anfernee Song Guan, chief technology officer and a director of the Company, together with certain rollover securityholders and new investors, including, among others, V Capital, Prometheus Capital, Legend Capital, We Capital, Star VC or their affiliated entities.

Approximately 71.8% of the Company’s total outstanding ordinary shares voted in person or by proxy at today’s extraordinary general meeting. Of these ordinary shares voted in person or by proxy at the extraordinary general meeting, approximately 99.9% were voted in favor of the proposal to authorize and approve the merger agreement, plan of merger and any and all transactions contemplated by the merger agreement, including the merger. A two thirds majority of the voting power represented by the ordinary shares of the Company present and voting in person or by proxy at the extraordinary general meeting was required for approving the merger.

The parties currently expect to complete the merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the merger agreement. Upon completion of the merger, the Company will become a privately held company and its American depositary shares will no longer be listed on the NASDAQ Global Select Market.(Original Source)

Shares of iDreamSky Technology closed last Friday at $12.74, up $0.22 or 1.76%. DSKY has a 1-year high of $14.68 and a 1-year low of $8.06. The stock’s 50-day moving average is $13.68 and its 200-day moving average is $13.18.

iDreamSky Technology Ltd. engages in the operation of mobile game publishing platform. It involves in licensing and operating of single player mobile games and mobile online games. The company was founded by Xiang Yu Chen, Jeffrey Lyndon Ko and Song Guan in November 2009 and is headquartered in Shenzhen, China.