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Tsinghua Unigroup And RDA Microelectronics Jointly Announce Amendment Of Merger Agreement Due To Relaxation Of Certain PRC Regulatory Approval Requirements

Stocks in this article: RDA

BEIJING and SHANGHAI, China, Dec. 20, 2013 (GLOBE NEWSWIRE) -- Tsinghua Unigroup Ltd. (" Tsinghua Unigroup"), an operating subsidiary of Tsinghua Holdings Co., Ltd. (" Tsinghua Holdings"), a solely State-owned limited liability corporation funded by Tsinghua University in China, and RDA Microelectronics, Inc. (Nasdaq:RDA) (" RDA"), a fabless semiconductor company that designs, develops and markets wireless systems-on-chip and radio-frequency (RF) semiconductors for cellular, connectivity and broadcast applications, today jointly announced that the parties have entered into an amendment to the merger agreement dated November 11, 2013 in light of the latest relaxation of certain PRC regulatory approval requirements for overseas investments that are relevant to the announced merger between Tsinghua Unigroup and RDA (the " Merger").

On December 2, 2013, the State Council of the Central Government of China promulgated a new 2013 Government-Approved Investment Projects Catalog (the " New Catalog"), which replaced the 2004 Government-Approved Investment Projects Catalog. Pursuant to Article 13 of the New Catalog, if no sensitive country/region or sensitive industry is concerned, overseas investment projects involving an investment amount between US$300 million and US$1 billion no longer require approval from the National Development and Reform Commission (the " NDRC"), but instead are only required to complete the registration with the NDRC. The NDRC is currently in the process of preparing the relevant implementation rules.

"We and RDA amended the merger agreement to reflect the relaxation of regulatory requirements under the New Catalog. We are continuing to collaborate with the relevant parties to close the Merger smoothly," said Mr. Zhao Weiguo, Chairman and President of Tsinghua Unigroup.  

Steven Tang, Chairman of RDA, said "We are pleased to see the positive de-regulation trend in China under the current administration. RDA's Board of Directors supports and reiterates its recommendation for the shareholders to approve the Merger with Tsinghua Unigroup at the upcoming shareholders meeting on December 27, 2013."

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