Ku6 Media Gets Shareholders' Approval For Merger Agreement

Ku6 Media Co., Ltd. KUTV revealed that its shareholders voted in favor of the proposal to a Plan of Merger among the Company, Shanda Investment Holdings Limited and Ku6 Acquisition Company Limited, a wholly owned subsidiary of Parent. The shareholders also voted to authorize and approve any and all transactions contemplated by the Merger Agreement.

Ku6 Media said that about 70.88 percent of its total outstanding shares entitled to vote at the EGM voted in person or by proxy. Of those shares, about 99.67 percent were voted in favor of the proposal to authorize and approve the Merger Agreement and any and all transactions.

The companies expect the parties to complete the Merger before July end. After the Merger completion, it would become a privately held firm and its American depositary shares, each representing 100 ordinary shares, would no longer be listed on NASDAQ.

Shares of the company traded flat on Friday.