AutoNavi Holdings Ltd. (NASDAQ: AMAP) said that its shareholders voted in favor a merger among Alibaba Investment Ltd. (parent), Ali ET Investment Holding Ltd. (merger sub) and the company, where the merger sub will be merged into the company with the company continuing as the surviving company as a wholly owned subsidiary of parent.
Approximately 98.9 percent of the company´s total outstanding ordinary shares and series A convertible preferred shares voted in person or by proxy 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.
The parties currently expect to complete the merger in July 2014, subject to the satisfaction or waiver of the conditions set forth in the merger agreement. Upon completion of the merger, the merger will result in the company becoming a privately held company.
AutoNavi´s ADSs will no longer be listed on the NASDAQ Global Market, and the AutoNavi´s ADS program will terminate. In addition, AutoNavi´s ADSs and ordinary shares represented by the ADSs will cease to be registered under Section 12 of the Securities Exchange Act of 1934.
AutoNavi Holdings is a provider of digital map content and navigation and location-based solutions in China. At the core of its business is a comprehensive nationwide digital map database that covers approximately 3.6m kilometers of roadway and over 20m points of interest across China. Its website is at http://www.autonavi.com.