Giant network shareholder approves 12-dollar privatisation agreement today

Beijing time July 14 Evening news, Giant Network (NYSE:GA) announced in Monday, at today's special shareholder meeting, the company's shareholders have voted to approve the company's privatisation agreement reached this March 17.

At today's shareholders ' meeting, shareholders of the giant's network issued 80% per cent of their shares in the company voted on the privatisation agreement, and about 99.6% voted in favour.

On March 17 this year, the giant network announced that it had reached a final privatisation agreement. The giant network has signed a final merger agreement and plan for privatization with giant investment 2¥q (hereinafter "parent company") and its wholly-owned subsidiary giant merger 2¥q, the Bulletin said.

Under the merger agreement, the parent company will buy giant network shares at $12.00 per share of U.S. depository shares, with a total acquisition amount of about 3 billion dollars. The price is 2.1% higher than the 11.75-dollar takeover bid announced on November 25, 2013, compared to the 10.13 dollar premium of 18.5% on the November 22, 2013 NYSE closing price, The weighted average price for the 30 and 60 days before November 22, 2013 is at a premium of 31.6% and 33.6% respectively.

The giant network announced November 25, 2013 that it had received a non-binding privatisation offer from the chairman of the company's board of directors, Shi Yuzhu and its affiliates and a subsidiary of Baring Asia Investment (Baring Private Equity Asia). The US depository shares offer 11.75 US dollars per share, valued at about 2.95 billion dollars for the giant network.

The deal is expected to be completed this month, according to the parties to the deal. The giant network will then become a private holding company, and its US depository stocks will no longer be traded on the NYSE. (Li Ming)