Alibaba Group Holding Limited and Alibaba.com Ltd. (ALBCF.PK) jointly announced that the proposal for the privatization of Alibaba.com by way of a scheme of arrangement has been approved by a sufficient majority of the independent shareholders of Alibaba.com. The company said nearly 95 percent of the shares held by independent shareholders were voted in favor of the privatization and a majority of the shareholders voting in person or by proxy on a headcount basis also voted in favor of the privatization.
Alibaba.com's scheme shareholders would receive a cancellation price of HK$13.50 per share cash, subject to the scheme becoming effective. Also, Alibaba.com would seek the sanction of the scheme by the Grand Court of the Cayman Islands at the petition hearing on June 15, 2012.
On an assumption that the scheme is approved by the Grand Court of the Cayman Islands, it is anticipated that the scheme would become effective on June 19, 2012, whereupon Alibaba.com would become a private wholly-owned unit of Alibaba Group, and the listing of the shares in Alibaba.com on the Hong Kong Stock Exchange would be withdrawn on June 20, 2012.
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