China Ming Yang Wind Power Shareholders Approve Going Private Deal

(RTTNews) - China Ming Yang Wind Power Group Limited (MY) said that its shareholders voted in favor of the proposal to authorize and approve agreement and plan of merger dated as of February 2, 2016, by and among the Company, Zhongshan Ruisheng Antai Investment Co., Ltd, Regal Concord Limited, and Regal Ally Limited, pursuant to which Merger Sub will be merged with and into the Company with the Company continuing as the surviving company in accordance with Cayman Islands Companies Law.

If completed, the Merger would result in the Company becoming a privately-held company, which will be beneficially owned by the buyer group. The Company's shareholders voted in favor of the proposal to authorize and approve any and all transactions contemplated by the Merger Agreement, including (i) the Merger and (ii) the amendment and restatement of the existing memorandum and articles of association of the Company by deletion in their entirety and the substitution in their place of the new memorandum and articles of association.

Approximately 65.6% of the Company's total outstanding ordinary shares voted in person or by proxy at today's extraordinary general meeting. Of these ordinary shares voted in person or by proxy at the extraordinary general meeting, approximately 90.9% voted in favor of the proposal to authorize and approve the Merger Agreement and any and all transactions contemplated by the Merger Agreement. A two-thirds majority of the voting power represented by the ordinary shares of the Company present and voting in person or by proxy at the extraordinary general meeting was required for approving the merger.

The parties currently expect to complete the Merger as soon as practicable. Upon completion of the Merger, the Company will become a privately held company and its American depositary shares, each representing one ordinary share, will no longer be listed on any stock exchange, including the New York Stock Exchange.

In February 2016, Wind turbine manufacturer China Ming Yang Wind Power Group Ltd. announced that it has entered into a definitive merger agreement to be acquired by a consortium of investors in an all-cash transaction valued at approximately $408 million. The consortium included Chuanwei Zhang, Ming Yang's Chairman and Chief Executive Officer, and certain of his affiliates, Dajun Guangcheng (Shanghai) Capital Fund I, L.P. and Guangzhou Huifu Kaile Investment.