VanceInfo Technologies Inc. Shareholders Approve Merger With HiSoft Technology International Limited
BEIJING, Nov. 6, 2012 /PRNewswire/ -- VanceInfo Technologies Inc. (NYSE: VIT) ("VanceInfo" or the "Company"), an IT service provider and one of the leading offshore software development companies in China, today announced that, at the extraordinary general meeting of the Company's shareholders (the "EGM") held earlier today, shareholders voted in favor of, among other things, the proposal to authorize and approve the previously announced merger agreement dated August 10, 2012, as amended by the amendment dated August 31, 2012, by and among HiSoft Technology International Limited ("HiSoft") (NASDAQ: HSFT), VanceInfo, Chemistry Merger Sub Inc. and Chemistry Merger Sub II Inc.(the "Merger Agreement"), the plan of merger in the form attached as Annex A to the Merger Agreement (the "Plan of Merger"), and the transaction contemplated thereby (the "Merger"). Based on the final tabulation, over 98% of the ordinary shares of the Company present in person or by proxy at the EGM voted "FOR" the resolution to authorize and approve the Merger Agreement, the Plan of Merger and the Merger, which was therefore passed as a special resolution.
The parties expect to complete the Merger as soon as practicable. The completion of the Merger is subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement with HiSoft. As a result of the Merger, VanceInfo's American depositary shares will no longer be listed on the New York Stock Exchange. Upon completion of the merger, the combined entity will be named "Pactera Technology International Ltd." in English and "Wensi Haihui Jishu Youxian Gongsi" in Chinese Pinyin with its American depositary shares listed on the NASDAQ Global Select Market under the ticker symbol of "PACT".
About VanceInfoVanceInfo Technologies Inc. (NYSE: VIT) is an IT service provider and one of the leading offshore software development companies in China. The Company ranked number one among Chinese offshore software development service providers for the North American and European markets as measured by 2011 revenues, according to International Data Corporation (IDC). This marks the fifth consecutive year that VanceInfo has been ranked number one by IDC in this category.
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