Synutra International, Inc. (Nasdaq: SYUT), which owns subsidiaries in China that produce, distribute and sell nutritional products for infants, children and adults, today announced that at its special meeting of stockholders held earlier today, the Company's stockholders voted, among other things, in favor of the proposal to adopt the previously announced agreement and plan of merger, dated as of November 17, 2016, by and among the Company, Beams Power Investment Limited, a company with limited liability incorporated under the laws of the British Virgin Islands, and Beams Power Merger Sub Limited, a Delaware corporation and a wholly-owned subsidiary of Parent, providing for the merger of Merger Sub with and into the Company, with the Company surviving the merger as a wholly-owned subsidiary of Parent. Approximately 85.3% of the shares outstanding were voted in favor of the proposal to adopt the Merger Agreement. Specifically, approximately 59.7% of the shares of common stock outstanding held by unaffiliated stockholders voted in favor of the proposal to adopt the Merger Agreement, satisfying the "majority of the minority" voting requirement set forth in the Merger Agreement.
The parties currently expect to complete the merger in May 2017, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. If completed, the proposed merger would result in the Company becoming a privately held company and its common stock would no longer be listed on the NASDAQ Global Select Market.
About Synutra International, Inc.
Synutra International, Inc. (Nasdaq: SYUT) is a leading infant formula company in China. It principally produces, markets and sells its products through its operating subsidiaries under the "Shengyuan" or "Synutra" name, together with other complementary brands. It focuses on selling premium infant formula products, which are supplemented by more affordable infant formulas targeting the mass market as well as other nutritional products and ingredients. It sells its products through an extensive nationwide sales and distribution network covering all provinces and provincial-level municipalities in mainland China. As of December 31, 2016, this network comprised over 990 independent distributors and over 270 independent sub-distributors who sell Synutra products in approximately 27,680 retail outlets.
