Company Update (NYSE:YOKU): Youku Tudou Inc (ADR) Announces Extraordinary General Meeting of Shareholders
Youku Tudou Inc (ADR) (NYSE:YOKU), a leading multi-screen entertainment and media company in China, announced that it has called an extraordinary general meeting of shareholders (the “EGM”), to 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, to consider and vote on, among other things, the proposal to authorize and approve the previously announced agreement and plan of merger, dated November 6, 2016 (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).
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”). If consummated, the Merger would result in the Company becoming a privately-held company and its American depositary shares (the “ADSs”) would no longer be listed on theNew York Stock Exchange and the ADS program would be terminated. The Company’s board of directors, acting upon the unanimous recommendation of a special committee of the Company’s board of directors composed entirely of independent directors, recommends that the Company’s shareholders and ADS holders vote FOR, among other things, the proposal to approve the Merger Agreement, the plan of merger and the transactions contemplated thereby, including the Merger. (Original Source)
Shares of Youku Tudou Inc closed yesterday at $27.25. 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 $27.12 and its 200-day moving average is $22.77.
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.