Wednesday, April 18, 2012

China GrenTech's shareholders approved merger with BVI company

China GrenTech Corporation Limited, China-based company providing radio frequency and wireless coverage products and services, announced that company's shareholders voted at an extraordinary general meeting in favor of the proposal to approve the previously announced amended and restated agreement and plan of merger dated January 20, 2012. The agreement is among China GrenTech, Talenthome Management Limited, a British Virgin Islands exempted company, and Xing Sheng Corporation Limited, a Cayman Islands exempted company wholly owned by the BVI company. Pursuant to the agreement, Xing Sheng will merge with and into China GrenTech, and Chinese company will continue as the surviving company wholly owned by Talenthome Management Limited.

The parties of the agreement expect to complete the merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. If completed, the merger would result in China GrenTech becoming a privately held company wholly-owned by the BVI company, and Grentech's American depositary shares would be delisted from the NASDAQ Global Select Market.