BEIJING (dpa-AFX) - Vimicro International Corp. (VIMC), a video surveillance technology and solution provider in China, Tuesday said that, at an extraordinary general meeting held today, the company's shareholders voted in favor of the previously announced going-private transaction.
Vimicro International had said in September that it entered into a definitive Agreement and Plan of Merger with Vimicro China Ltd and Vimicro China Acquisition Ltd, following which Vimicro China will acquire Vimicro International for $3.375 per ordinary share of the company or $13.50 per American depositary share, each representing four Shares.
The company today said that immediately after the completion of the merger, Vimicro China, the Parent, will be ultimately beneficially owned by Dr. Zhonghan Deng, founder, chairman and chief executive officer of the company, Zhaowei Jin, co-chief executive officer and a board member of the company, Dr. Xiaodong Yang and Shengda Zan.
Approximately 58.93 percent of the company's total outstanding voting ordinary shares voted in person or by proxy at today's extraordinary general meeting, and about 98.57 percent were voted in favor of the proposal.
Upon completion of the merger, the company will become a privately held company and its ADSs will no longer be listed on the NASDAQ Global Market.
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