This afternoon, Youku and Tudou listed on the NYSE and announced the formal merger will be 100% convertible. After the merger, the Youku shareholders and American Depositary Receipt holders will own approximately 71.5% of the shares of the new company, Tudou shareholders and American Depositary Receipt holders will own approximately 28.5% of the shares. The new company will be named Youku Tudou Co., Ltd. Youku's American depositary receipts will continue in the New York Stock Exchange, the code is YOKU.
It is understood that after the strategic merger is completed, the Tudou will retain its brand and platform independence, and video services help strengthen and improve the Youku Tudou.
This strategic merger has received the approval of the board of directors of both companies, but the completion of the merger remains subject to customary closing conditions, including Youku and potatoes shareholder approval.
The shareholders of both companies in their respective representatives of the Board of Directors have committed to support the merger. The merger is expected to be completed in the third quarter of 2012.
Goldman Sachs (Asia) LLC, Allen & Company, LLC and Renaissance as the Youku financial advisor, Allen & Co. is the U.S. first-tier investment bank that has been involved in the Yahoo acquisition of Facebook IPO transactions.
Renaissance is the leading investment bank in China for three consecutive years performance reelection industry, in 2011 the transaction volume of nearly $ 3 billion, the C round investment of Jingdong Mall was $ 1.5 billion of financing in April 2011 is also dominated by it.
The Chairman and CEO of Renaissance Baofan, we connected with him, and temporarily unable to contact. Youku transaction had been proofed by the World of international law firm, the legal adviser of TransAsia Lawyers, Conyers Dill & Pearman. Tudou had the co-financial advisor of Morgan Stanley Asia Limited, Credit Suisse Securities, Kai Yi international law firm, Fonda law firms and MaiPuDa Law Firm. We believe that the merger will be better than before.
It is understood that after the strategic merger is completed, the Tudou will retain its brand and platform independence, and video services help strengthen and improve the Youku Tudou.
This strategic merger has received the approval of the board of directors of both companies, but the completion of the merger remains subject to customary closing conditions, including Youku and potatoes shareholder approval.
The shareholders of both companies in their respective representatives of the Board of Directors have committed to support the merger. The merger is expected to be completed in the third quarter of 2012.
Goldman Sachs (Asia) LLC, Allen & Company, LLC and Renaissance as the Youku financial advisor, Allen & Co. is the U.S. first-tier investment bank that has been involved in the Yahoo acquisition of Facebook IPO transactions.
Renaissance is the leading investment bank in China for three consecutive years performance reelection industry, in 2011 the transaction volume of nearly $ 3 billion, the C round investment of Jingdong Mall was $ 1.5 billion of financing in April 2011 is also dominated by it.
The Chairman and CEO of Renaissance Baofan, we connected with him, and temporarily unable to contact. Youku transaction had been proofed by the World of international law firm, the legal adviser of TransAsia Lawyers, Conyers Dill & Pearman. Tudou had the co-financial advisor of Morgan Stanley Asia Limited, Credit Suisse Securities, Kai Yi international law firm, Fonda law firms and MaiPuDa Law Firm. We believe that the merger will be better than before.
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