OmniVision shareholders approve Seagull takeover

August 01, 2015 //By Peter Clarke
OmniVision shareholders approve Seagull takeover
The shareholders of CMOS image sensor vendor OmniVision Technologies Inc. (Santa Clara Calif.) have approved the plan for the company to be acquired by a Chinese consortium.

The approval was given at a special meeting of shareholders held on July 23, 2015. The acquisition is set to be effected via Seagull International Ltd. and Seagull Acquisition Corp. two proxies for a consortium composed of Hua Capital Management Co. Ltd., CITIC Capital Holdings Ltd. and GoldStone Investment Co., Ltd.

Approximately 97.1 percent of the total votes cast, representing approximately 64.6 percent of the total shares outstanding voted in favor of the adoption of the merger agreement, OmniVision said.

Under the terms of the merger OmniVision shareholders will each receive $29.75 per share in cash, or a total of approximately $1.9 billion. The transaction, which is expected to close in the third or fourth fiscal quarter of fiscal year 2016, is still subject to regulatory approvals, including antitrust review in the U.S. and the People's Republic of China, review and clearance by the Committee on Foreign Investment in the U.S., clearance or approval under applicable Taiwan law, and other customary closing conditions.

In order to obtain clearance or approval under applicable Taiwan law, OmniVision will divest certain of its investments in Taiwan, including certain of its interests in a joint venture.

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