1/12/2012 8:26 AM ET
(RTTNews) - China GrenTech Corporation Limited (GRRF: News ), a China-based provider of radio frequency and wireless coverage products and services, Thursday said it has entered into an agreement and plan of merger with Talenthome Management Limited, a British Virgin Islands exempted company, and Xing Sheng Corporation Limited, a Cayman Islands exempted company wholly-owned by Talenthome.
As per the agreement, Xing Sheng will be merged with and into China GrenTech, and China GrenTech will become a wholly-owned subsidiary of Talenthome. Each ordinary share of China GrenTech issued and outstanding immediately before the merger will be cancelled in exchange for the right to receive $0.126 in cash.
The company's Board of Directors, acting upon the unanimous recommendation of the Independent Committee formed by the Board of Directors, approved the merger agreement.
Talenthome is jointly owned indirectly by Yingjie Gao, the company's Chairman and Chief Executive Officer, Rong Yu, the company's director and Chief Financial Officer, and Yin Huang, who together collectively beneficially owns around 41.9 percent of the company's issued and outstanding ordinary shares. They intend to finance the merger through proceeds from a loan of HK$320 million from Guotai Junan Finance (Hong Kong) Limited.
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by RTT Staff Writer
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