logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Google Maps introduced a new feature to share real-time location to a contact for 15 minutes to 3 days. The feature can be turned off at any time by the user. The tech leader believes that the feature will help friends meet up in a large park or a restaurant at a new location. One can open share... Instagram is expected to announce Wednesday that it has one million monthly active advertisers, representing a five-fold increase from a year ago. The photo and video app, owned by Facebook, had 500,000 monthly active advertisers in September 2016 and just 200,000 active advertisers a year ago. Offensive and extremist content appearing along with display ads has been creating headache for Google. There has been strong protests and boycott of ads by major advertisers and this has forced the company to expand their controls. The tech giant said the advertisers will have more say to display...
comments powered by Disqus
Follow RTT