China Mass Media Corp completes merger

Louise Duffy | 03-11-2012

TV advertising company China Mass Media Corp has announced the completion of the merger that will see CMM Holdings become a wholly owned subsidiary of China Mass Media Corp.

Under the terms of the merger agreement, each ordinary share of the Company ("Share") issued and outstanding immediately prior to the effective time of the merger, other than the Shares and American depositary shares ("ADSs") beneficially owned by the Buyer Filing Persons (as defined in the Company's proxy statement), has been cancelled in exchange for the right to receive $0.0167 and each ADS, each representing 300 Shares, represents the right to receive $5.00, in each case, in cash.