This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Fushi Copperweld Announces Stockholder Approval Of Merger With Green Dynasty Limited

BEIJING, Dec. 11, 2012 /PRNewswire/ -- Fushi Copperweld, Inc. ("Fushi Copperweld" or the "Company"; NASDAQ: FSIN), the leading global manufacturer and innovator of copper-clad bimetallic wire used in a variety of telecommunication, utility, transportation and other electrical applications, announced today that Fushi Copperweld stockholders voted at a special meeting of stockholders to approve, among other things, the Agreement and Plan of Merger dated as of June 28, 2012 (the "Merger Agreement"), among the Company, Green Dynasty Limited ("Green Dynasty"), Green Dynasty Acquisition, Inc. ("Merger Sub"), and Green Dynasty Holdings Limited, 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 Green Dynasty.

Approximately 75.7% of the Company's total outstanding shares of common stock were voted in person or by proxy at the Special Meeting of Stockholders held earlier today in New York City. The Merger Agreement was approved by approximately 75.4% of the outstanding shares of Fushi Copperweld common stock and approximately 65.2% of the total outstanding shares of Fushi Copperweld not owned by the buyer group, satisfying the requirement set forth in the Merger Agreement that at least 60% of the shares not owned by the buyer group approve the Merger Agreement. Approximately 0.1% of the outstanding shares of Fushi Copperweld common stock were voted against the approval of the Merger Agreement.

The Company currently anticipates closing the transaction this week. Under the terms of the Merger Agreement, following the closing Fushi Copperweld stockholders will be entitled to receive $9.50 in cash for each share of Fushi Copperweld common stock that they hold, without interest and less any applicable withholding taxes, except for shares held in treasury of the Company or owned by the buyer group, which will be cancelled without consideration. Letters of transmittal allowing Fushi Copperweld stockholders 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. Stockholders 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 Fushi Copperweld becoming a privately-held company, and its common stock will no longer be listed on the NASDAQ Global Select Market.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,001.22 -38.27 -0.22%
S&P 500 1,988.40 -3.97 -0.20%
NASDAQ 4,538.5510 +6.4470 0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs