SHANGHAI, China, Dec. 27, 2013 (GLOBE NEWSWIRE) -- RDA Microelectronics, Inc. (Nasdaq:RDA) (" RDA" or the " Company"), 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 announced the results of its extraordinary general meeting of shareholders (the " EGM") held on December 27, 2013 in respect of the Company's pending acquisition by Tsinghua Unigroup Ltd. (" Tsinghua Unigroup"). As previously announced on November 12, 2013 and December 20, 2013, RDA and Tsinghua Unigroup entered into a definitive merger agreement dated November 11, 2013, as amended (the " Merger Agreement"), pursuant to which the Company will become a majority-owned subsidiary of Tsinghua Unigroup (the " Merger") and each American depositary share (representing six ordinary shares) will be converted into the right to receive US$18.50 in cash and each ordinary share will be converted into the right to receive US$3.083333 in cash.
At the EGM, shareholders constituting a valid quorum were present in person or by proxy and approved all of the resolutions proposed in the EGM notice, which included approval of (1) the Merger Agreement, (2) the Plan of Merger required to be filed with the Registrar of Companies in the Cayman Islands to give effect to the Merger and (3) the transactions contemplated by the Merger Agreement, including the Merger. Approximately 70.70% of the outstanding ordinary shares (including ordinary shares underlying outstanding American depositary shares) voted at the EGM, with approximately 99.74% of such voted shares voting in favor of these resolutions. As such, the Merger was duly approved by the Company's shareholders.
Completion of the Merger remains subject to the satisfaction or waiver of other customary closing conditions set forth in the Merger Agreement, including the receipt of the required regulatory approvals.