ShangPharma (SHP) Shareholders Approve Merger Proposal

March 20, 2013 6:42 AM EDT
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ShangPharma Corporation (NYSE: SHP) announced that, at an extraordinary general meeting held today, the Company’s shareholders voted in favor of the proposal to approve the previously announced Agreement and Plan of Merger dated December 21, 2012 (the “Merger Agreement”), by and among the Company, ShangPharma Holdings Limited (“Holdings”), ShangPharma Parent Limited (“Parent”) and ShangPharma Merger Sub Limited (“Merger Sub”), pursuant to which Merger Sub will be merged with and into the Company with the Company surviving the merger as a wholly owned subsidiary of Parent (the “Merger”). Of the Company’s ordinary shares entitled to vote at the extraordinary general meeting, approximately 82.6% of such shares were voted in person or by proxy at today’s meeting, with approximately 99.9% of those shares voting in favor of the proposal to approve the Merger Agreement and the transactions contemplated thereby, including the Merger, and related proposals.

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 the various other parties to the Merger Agreement to satisfy all other conditions precedent to the Merger set forth in the Merger Agreement and complete the Merger as quickly as possible. If and when completed, the Merger would result in the Company becoming a privately held company and its American depository shares, each representing eighteen Company ordinary shares, would no longer be listed on the New York Stock Exchange.

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