Chinese digital advertiser Focus Media Holding Ltd. (FMCN) announced that, at an extraordinary general meeting held today, its shareholders voted in favor of a going private transaction.
According to the company, approximately 78.7% of the Company's total outstanding ordinary shares voted in person or by proxy at extraordinary general meeting. Of those ordinary shares, approximately 99.5% were voted in favor of the proposal to authorize and approve the merger agreement and any and all transactions contemplated by the merger agreement, including the merger.
The parties currently expect to complete the merger in May 2013, subject to the satisfaction or waiver of the conditions set forth in the merger agreement. Upon completion of the merger, Focus Media will become a privately held company and its American depositary shares will no longer be listed on the Nasdaq Stock Market.
Last December, Focus Media agreed to be taken private by a consortium of private equities, including Carlyle Group (CG) and the company's CEO Jason Nanchun Jiang for $27.50 per ADS.
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