Marbridge Daily

<- April 17, 2012 ->

GrenTech Shareholders Approve Merger Agreement

PR Newswire Asia, 4/16/12

Chinese wireless solutions provider GrenTech (Nasdaq: GRRF) has announced that, at an extraordinary general meeting of shareholders held today, the company's shareholders voted in favor of the proposal to approve the previously announced amended and restated agreement and plan of merger dated January 20, 2012, among Talenthome Management Limited, a British Virgin Islands exempted company, Xing Sheng Corporation Limited, a Cayman Islands exempted company wholly-owned by Talenthome Management, and the company, pursuant to which Xing Sheng will merge with and into Grentech, with Grentech continuing as the surviving company and wholly-owned by Talenthome Management. Approximately 81.6% of the company's total outstanding ordinary shares voted in person or by proxy at the extraordinary general meeting of shareholders. Of the ordinary shares voted in person or by proxy at the meeting, approximately 95.1% were voted in favor of the proposal to approve the merger agreement and the transactions contemplated by the merger agreement, including the merger, and approximately 95.1% were voted in favor of the proposal to authorize the directors of the company to do all things necessary to give effect to the merger agreement.

The parties expect to complete the merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the merger agreement. If completed, the merger would result in Grentech becoming a privately held company wholly-owned by Talenthome Management and the company's American depositary shares would no longer be listed on the Nasdaq Global Select Market.

 
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