logo
Plus   Neg
Share
Email

Fushi Copperweld Stockholders Approve Merger Deal With Green Dynasty

Fushi Copperweld Inc. (FSIN) announced that its stockholders voted in favour of the Agreement and Plan of Merger dated as of June 28, 2012, among the Company, Green Dynasty Limited , Green Dynasty Acquisition, Inc. or "Merger Sub", and Green Dynasty Holdings Limited, pursuant to which Merger Sub will merge with and into the Company and the Company will continue as the surviving corporation and will be a wholly-owned subsidiary of Green Dynasty.

Approximately 75.7% of the Company's total outstanding shares of common stock were voted in person or by proxy at the Special Meeting of Stockholders held earlier today in New York City. The Merger Agreement was approved by approximately 75.4% of the outstanding shares of Fushi Copperweld common stock and approximately 65.2% of the total outstanding shares of Fushi Copperweld not owned by the buyer group, satisfying the requirement set forth in the Merger Agreement that at least 60% of the shares not owned by the buyer group approve the Merger Agreement. Approximately 0.1% of the outstanding shares of Fushi Copperweld common stock were voted against the approval of the Merger Agreement.

The company said it currently anticipates closing the transaction this week.

As per the terms of the Merger Agreement, following the closing Fushi Copperweld stockholders will be entitled to receive $9.50 in cash for each share of Fushi Copperweld common stock that they hold, without interest and less any applicable withholding taxes, except for shares held in treasury of the Company or owned by the buyer group, which will be cancelled without consideration.

The merger will result in Fushi Copperweld becoming a privately-held company, and its common stock will no longer be listed on the NASDAQ Global Select Market.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
CLICK HERE to see America's 10 Best-Selling Drugs Despite high drug costs, most of the top-selling drugs saw sales gains in 2017 compared to the prior year. A large number of the best-selling drugs are primarily for the treatment and management of cancer, diabetes, inflammatory disorders, and HIV... Most Americans have access to health care, though costs and services vary from state to state. However, higher costs do not necessarily translate into better results. The U.S. continues to be outperformed by other wealthy nations on several measures like life expectancy, disease burden and health... The Coca-Cola Company (KO) reported that its first-quarter comparable earnings per share from continuing operations grew 8% year-over-year to $0.47. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.46 for the quarter. Analysts' estimates typically exclude special items. Net income from continuing operations increased 12% to $1.33 billion. Earnings per share from continuing operations rose 13% to $0.31.
Follow RTT