Harbin Electric Announces Shareholder Approval Of Merger With Tech Full Electric
HARBIN, China, Oct. 29, 2011 /PRNewswire-FirstCall/ -- Harbin Electric, Inc. ("Harbin Electric" or the "Company"; NASDAQ: HRBN), a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China, announced today that Harbin Electric shareholders voted at a special meeting of shareholders to approve, among other things, the Company's Agreement and Plan of Merger dated as of June 19, 2011, as amended (the "Merger Agreement"), with Tech Full Electric Company Limited ("Tech Full Electric") and Tech Full Electric Acquisition, Inc. ("Merger Sub"), pursuant to which Merger Sub will merge with and into the Company and the Company will continue as the surviving corporation and will be a wholly-owned subsidiary of Tech Full Electric.
Approximately 90.7% of the Company's total outstanding shares of common stock voted in person or by proxy at the Special Meeting of Shareholders held earlier today in New York City. The Merger Agreement was approved by approximately 90.6% of the outstanding shares of Harbin Electric common stock and approximately 84.2% of total unaffiliated shares of Harbin Electric, satisfying the majority of unaffiliated stockholders voting requirement set forth in the Merger Agreement. Approximately 0.1% of the outstanding shares of Harbin Electric common stock were voted against the approval of the Merger Agreement.
The Company currently anticipates closing the transaction in the following week. Under the terms of the Merger Agreement, Harbin Electric shareholders are entitled to receive $24.00 in cash for each share of Harbin Electric common stock that they hold, without interest and less any applicable withholding taxes. Letters of transmittal allowing Harbin Electric shareholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be mailed within two business days of the effective date of the merger. Shareholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, as such conversions will be handled by the bank or broker.
The merger will result in Harbin Electric becoming a privately-held company and its common stock will no longer be listed on the NASDAQ Global Select Market.
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