BEIJING and SHANGHAI,
Aug. 23, 2012 /PRNewswire-Asia/ --
Youku Tudou Inc. (NYSE: YOKU, and formerly Youku Inc.) ("Youku")
and Tudou Holdings Limited (NASDAQ: TUDO) ("Tudou") today announced
the completion of the merger (the "Merger") between Tudou and Two
Merger Sub Inc. ("Merger Sub"), a wholly owned subsidiary of Youku,
pursuant to the agreement and plan of merger (the "Merger
Agreement"), dated March 11, 2012, by
and among Youku, Tudou and Merger Sub, and the plan of merger,
dated August 23, 2012, between Tudou
and Merger Sub. As a result of the Merger, Tudou has become a
wholly owned subsidiary of Youku. Youku's name was changed
from "Youku Inc." to "Youku Tudou Inc." at the effective time of
the Merger.
Under the terms of the Merger Agreement, each Tudou Class A
ordinary share and Tudou Class B ordinary share (not including
Tudou Class B ordinary shares represented by Tudou American
depositary shares ("Tudou ADSs")) issued and outstanding
immediately prior to the effective time of the Merger has been
cancelled in exchange for the right to receive 7.177 Youku Class A
ordinary shares, and each Tudou ADS representing four Tudou Class B
ordinary shares issued and outstanding immediately prior to the
effective time of the Merger has been surrendered in exchange for
the right to receive 1.595 Youku American depositary shares, each
representing 18 Youku Class A ordinary shares.
Trading of Tudou ADSs on the Nasdaq Global Market ("NASDAQ")
will be suspended beginning on August 24,
2012. A Form 25 has been filed with the Securities and
Exchange Commission (the "SEC") notifying the SEC of the delisting
of the Tudou ADSs on NASDAQ and the deregistration of Tudou's
registered securities. Tudou intends to terminate its reporting
obligations under the Securities Exchange Act of 1934, as amended,
by promptly filing a Form 15 with the SEC. Tudou's obligations to
file or furnish with the SEC certain reports and forms, including
Form 20-F and Form 6-K, will be suspended immediately as of the
filing date of the Form 15 and will cease once the deregistration
becomes effective.
About Youku Tudou Inc.
Youku Tudou Inc. (NYSE: YOKU) is China's leading Internet television company.
Its Internet television platform enables users to search, view and
share high-quality video content quickly and easily across multiple
devices. Youku, which stands for "what's best and what's cool" in
Chinese, is the most recognized online video brand in China. Youku's American depositary shares,
each representing 18 of Youku's Class A ordinary shares, are traded
on the NYSE under the symbol "YOKU".
About Tudou Holdings Limited
Tudou Holdings Limited (NASDAQ: TUDO) is a leading Internet
video company in China providing
premium licensed content, use generated content ("UGC") and
original in-house produced content. Founded in 2005, Tudou was the
first UGC video sharing website launched in China. The "Tudou" brand is one of the most
recognized Internet brands in China, and the annual Tudou Video Festival has
become a signature event in the online video industry. For more
information, please visit http://ir.tudou.com.
For more information, please contact:
Ryan Cheung
Corporate Finance Director
Youku Tudou Inc.
Tel: (+8610) 5885-1881 x6090
Email: ryan.cheung@youku.com
Michael S. Fu
Director, Investor Relations
Tudou Holdings Limited
Tel: (+8621) 5170-2355
Email: mfu@tudou.com
SOURCE Youku Tudou Inc.