Ingram Micro (IM) Extends Tianjin Tianha Merger End Date
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Ingram Micro Inc. (NYSE: IM) today announced that the End Date by which the acquisition of Ingram Micro by Tianjin Tianhai Investment Company, Ltd. (Tianjin Tianhai) (SSE A Share: 600751 and SSE B Share: 900938), must be completed has been extended to December 15, 2016.
Following clearance last week from the Committee on Foreign Investment in the United States (CFIUS) to proceed with the transaction, the extension was made pursuant to an amendment to the merger agreement among Ingram Micro, Tianjin Tianhai and GCL Acquisition, Inc. to allow for satisfaction of the remaining closing conditions under the merger agreement, including receipt of approval from China's State Administration of Foreign Exchange (SAFE). Ingram Micro and Tianjin Tianhai continue to expect closing of the transaction to occur in 2016 as previously announced. Upon completion of the transaction, Ingram Micro will become a part of HNA Group, a Hainan-based Fortune Global 500 company.
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