E-Commerce China Dangdang (DANG) Shareholders Approve 'Going Private' Deal
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E-Commerce China Dangdang Inc. (NYSE: DANG) announced that the Company's shareholders voted in favor of, among others, the proposal to authorize and approve (i) the previously announced agreement and plan of merger (the "merger agreement") dated May 28, 2016 by and among Dangdang Holding Company Limited ("Parent"), Dangdang Merger Company Limited ("Merger Sub") and the Company, pursuant to which Merger Sub will be merged with and into the Company with the Company continuing as the surviving company and a wholly-owned subsidiary of Parent after the merger (the "merger"), (ii) the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands, substantially in the form attached to the merger agreement (the "plan of merger"), and (iii) the transactions contemplated by the merger agreement, including the merger.
Approximately 97.7% of the voting rights of the shares voting in person or by proxy were voted in favor of the proposal to authorize and approve the merger agreement, plan of merger and the transactions contemplated by the merger agreement, including the merger. A two-thirds majority of the voting power represented by the shares of the Company present and voting in person or by proxy at the extraordinary general meeting was required for approving the merger.
The parties currently expect to complete the merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the merger agreement. Upon completion of the merger, the Company will become a privately held company and its American depositary shares will no longer be listed on the New York Stock Exchange.
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