Taomee Holdings' Shareholders Approval Merger Plan

Taomee Holdings Ltd

disclosed that its shareholders have approved merger plan at its extraordinary general meeting held on Friday. According to the company, it sought the shareholders approval among the Company, Orient TM Parent Limited (Parent) and Orient TM Merger Limited, a wholly-owned subsidiary of Parent (Merger Sub), the plan of merger needed to be filed with the Registrar of Companies of the Cayman Islands in respect of the Merger, and the transactions contemplated thereby. That included the Merger. Taomee Holdings said that immediately after the merger consummation, Parent firm would be beneficially "owned by: (i) an affiliate of Orient Ruide Capital Management (Shanghai) Co., Ltd.; and (ii) Mr. Benson Haibing Wang, the co-founder, chief executive officer and a director of the Company, Mr. Roc Yunpeng Cheng, the co-founder, president and a director of the Company, and Mr. Jason Liqing Zeng, the chairman of the board of directors of the Company." The company indicated that about 72% of its outstanding shares voter either in person or by proxy in Friday's EGM. Of these, 99.9% vote in support of the merger proposal following which Merger Sub would be integrated with and into the company. Taomee Holdings disclosed that a two-thirds majority of the voting power accounted for the ordinary shares of the Company present and voted either in person or by proxy at the extraordinary general meeting for approving the Merger. Currently, the involved parties expect the merge to happen as quick as possible. Once the merger is completed, it would become a privately held company and its American depositary shares would no longer be listed on the NYSE.