Tudou Shareholders Approve Merger With Youku Inc.
August 19 2012 - 10:30PM
Tudou Holdings Limited ("Tudou" or the "Company") (Nasdaq:TUDO), a
leading Internet video company in China, today announced that, at
the annual general meeting of the Company's shareholders (the
"AGM") held earlier today, shareholders voted in favor of, among
other things, the proposal to authorize and approve the previously
announced merger agreement (the "Merger Agreement"), dated March
11, 2012, by and among Youku Inc. ("Youku") (NYSE:YOKU), Two Merger
Sub Inc. and Tudou, the plan of merger attached as Annex A to the
Merger Agreement (the "Plan of Merger"), and the merger
contemplated thereunder (the "Merger"). Based on the final
tabulation, approximately 99.7% of the ordinary shares of the
Company present in person or by proxy at the AGM voted "FOR" the
resolution to authorize and approve the Merger Agreement, the Plan
of Merger and the Merger, which was therefore passed as a special
resolution. Over a majority of the ordinary shares of the Company
present in person or by proxy at the AGM also voted "FOR" the
re-election of Gary Wei Wang, Hany Nada, David M. Hand, Ted Tak-Tai
Lee and Conor Chia-hung Yang, which was therefore passed as an
ordinary resolution.
Completion of the Merger is subject to the satisfaction or
waiver of the conditions set forth in the Merger Agreement. The
Company will work with Youku to satisfy all other conditions
precedent to the Merger set forth in the Merger Agreement. If
completed, the Merger would result in the Company becoming a
privately held company and a wholly owned subsidiary of Youku, and
the combined entity will be named "Youku Tudou Inc." As a result of
the Merger, Tudou's American depositary shares will no longer be
listed on the Nasdaq Global Market.
About Tudou
Tudou Holdings Limited (Nasdaq:TUDO) is a leading Internet video
company in China providing premium licensed content, use generated
content ("UGC") and original in-house produced content. Founded in
2005, Tudou was the first UGC video sharing website launched in
China. The "Tudou" brand is one of the most recognized Internet
brands in China, and the annual Tudou Video Festival has become a
signature event in the online video industry. For more information,
please visit http://ir.tudou.com.
Safe Harbor Statements
This announcement contains forward-looking statements made under
the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements can be
identified by terminology such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"likely to" or other similar expressions. Tudou may also make
written or oral forward-looking statements in its reports filed or
furnished with the U.S. Securities and Exchange Commission (the
"SEC"), in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including
statements about Tudou's beliefs and expectations, are
forward-looking statements and are subject to change.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained, either expressly
or impliedly, in any of the forward-looking statements in this
press release. These factors include the risk factors detailed in
Tudou's filings with the SEC. All information provided in this
press release is current as of the date of this press release, and
Tudou does not undertake any obligation to update any such
information, except as required under applicable law.
CONTACT: Investor Relations Contact:
Michael S. Fu
Director, Investor Relations
Tudou Holdings Limited
Tel: (+86) 21-5170-2355
Email: mfu@tudou.com
Jeremy Peruski
ICR, Inc.
Tel: +1 (646) 405-4884
Email: IR@tudou.com
Youku Tudou Inc. American Depositary Shares, Each Representing 18 Class A Ordinary Shares. (NYSE:YOKU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Youku Tudou Inc. American Depositary Shares, Each Representing 18 Class A Ordinary Shares. (NYSE:YOKU)
Historical Stock Chart
From Jul 2023 to Jul 2024