eLong shareholders vote to approve going private transaction
eLong's shareholders voted in favor of the proposal to authorize and approve the previously announced privatization agreement
eLong ("the company") announced on May 30 that the company's shareholders voted in favor of the proposal to authorize and approve the previously announced agreement of the going private transaction dated February 4, 2016 and amended on April 1, 2016. China E-dragon Mergersub will be merged with and into eLong, which will continue to be a wholly-owned subsidiary of China E-dragon Holdings after the transaction, according to the agreement.
Immediately after the completion of the deal, China E-dragon Holdings will be beneficially owned by (i) TCH Sapphire, an affiliate of Tencent Holdings, (ii) C-Travel International, an affiliate of Ctrip.com, (iii) Ocean Imagination L.P., (iv) Luxuriant Holdings, (v) Seagull Limited, (vi) Oasis Limited, an entity controlled by Mr. Hao Jiang, eLong's chief executive officer, and (vii) Mr. Rong Zhou, chief operating officer of eLong.
Approximately 76.215% of eLong's total outstanding voting ordinary shares, each of which is entitled to one vote, and all of the company's outstanding high-vote ordinary shares, each of which is entitled to fifteen votes, representing approximately 98.183% of the total voting power of the company, voted in person or by proxy at today's extraordinary general meeting. Of the voting power represented by these ordinary shares and high-vote ordinary shares voted in person or by proxy at the extraordinary general meeting, approximately 99.998% 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. A two-thirds majority of the voting power represented by the ordinary shares of the Company present and voting in person or by proxy at the extraordinary general meeting was required for approval of the merger.
Upon completion of the deal, eLong will become a privately held company.
Read original article