HONG
KONG, Aug. 19,
2012 /PRNewswire-Asia/ -- Youku Inc. (NYSE: YOKU),
China's leading Internet
television company ("Youku" or the "Company"), announced today
that, at the annual general meeting of shareholders held today (the
"AGM"), the Company's shareholders voted in favor of the proposal
to issue Youku Class A shares as the consideration for the merger
(the "Merger") with Tudou Holdings Limited ("Tudou") pursuant to
the previously announced merger agreement (the "Merger Agreement"),
dated March 11, 2012, by and among
the Company, Tudou and Two Merger Sub Inc. ("Merger Sub"), as well
as the proposals to amend and restate Youku's memorandum and
articles of association to reflect Youku's name change after the
closing, change of the per share voting power of Youku's class B
ordinary shares from three votes for one share to four votes for
one share, and change of the vote thresholds for certain matters
requiring shareholder approval . Pursuant to the Merger Agreement
and the plan of merger attached as Annex A to the Merger Agreement,
Tudou will merge with and into Merger Sub, with Tudou continuing as
the surviving entity and as a wholly owned subsidiary of Youku and
the combined entity will be named "Youku Tudou Inc."
The parties expect to complete the Merger as soon as
practicable. Upon completion of the Merger, Tudou will become a
privately held company wholly-owned by Youku, and Tudou's American
depositary shares will no longer be listed on the NASDAQ Global
Market.
About Youku Inc.
Youku Inc. ("Youku") is China's leading Internet television company.
Youku's Internet television platform enables users to search, view
and share high-quality video content quickly and easily across
multiple devices. Youku, which stands for "what's best and what's
cool" in Chinese, is the most recognized online video brand in
China. Youku's American Depositary
Shares, each representing 18 of our Class A ordinary shares, are
traded on the New York Stock Exchange under the symbol
"YOKU".
For more information, please contact:
Ryan
Cheung
Corporate Finance Director
Youku Inc.
Tel: (+8610) 5885-1881 x6090
Email: ryan.cheung@youku.com
SOURCE Youku Inc.