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Stock Market & Financial Investment News

News Breaks
June 26, 2014
08:29 EDTCMGEChina Mobile Games issues statement on restructuring and bribery allegations
China Mobile Games stated that, as announced on 20 June, there was an implementation of organizational restructuring and personnel changes in its game publishing business, one of the three business segments of the company and that the purpose of the restructuring is to streamline the company's operations. The company also stated that to the best of its knowledge, it is currently unaware of any evidence of bribery but nevertheless, the independent committee has been formed to look into and address the circulating market speculations. An external law firm will be appointed to assist the independent committee. The company will announce further update on the results of its independent committee's investigation.
News For CMGE From The Last 14 Days
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July 27, 2015
06:43 EDTCMGEChina Mobile Games shareholders vote to approve going private transaction
China Mobile Games announced that, at an extraordinary general meeting held today, the company's shareholders voted in favor of, among others, the proposal to authorize and approve the previously announced agreement and plan of merger dated June 9, 2015 and among Pegasus Investment Holdings Limited, Pegasus Merger Sub Limited and the company, pursuant to which Merger Sub will be merged with and into the company with the company continuing as the surviving company as a wholly-owned subsidiary of Parent after the merger, and to authorize and approve any and all transactions contemplated by the merger agreement, including the merger. Immediately after the completion of the merger, Parent will be beneficially owned by the affiliates of Orient Hongtai Zhihe Investment Management, ChangJiang Growth Capital Investment and Beijing HT Capital Investment Management. Approximately 65% of the Company's total outstanding voting ordinary shares voted in person or by proxy at today's extraordinary general meeting. Of the voting power represented by these ordinary shares voted in person or by proxy at the extraordinary general meeting, approximately 99% 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 approving the merger. The parties currently expect to complete the merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the merger agreement. Upon completion of the merger, the Company will become a privately held company and its American depositary shares will no longer be listed on the Nasdaq Global Market.

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