Company Update (NYSE:YOKU): Youku Tudou Inc (ADR) Announces Shareholder Approval of Merger Agreement
Youku Tudou Inc (ADR) (NYSE:YOKU), a leading multi-screen entertainment and media company in China announced that, at an extraordinary general meeting held today, the Company’s shareholders voted in favor of the proposal to authorize and approve the previously announced 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).
Approximately 99.8% of the Company’s total outstanding class A and class B ordinary shares voted in person or by proxy at today’s meeting were voted in favor of the proposal to authorize and approve the Merger Agreement, pursuant to which 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”), the plan of merger and the transactions contemplated thereby, including the Merger.
The parties currently expect that the Merger will close in early April 2016. Upon completion of the Merger, the Company will become a privately held company and its American depositary shares, each representing eighteen class A ordinary shares of the Company, will no longer be listed on the New York Stock Exchange. (Original Source)
Shares of Youku Tudou Inc closed last Friday at $27.45, up $0.02 or 0.07%. 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 $27.34 and its 200-day moving average is $24.37.
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.