Camelot Information Systems Inc.
) announced a favorable verdict with regard to its planned merger
with Camelot Employee Scheme Inc. and Camelot Employee SubMerger
Scheme, a wholly owned subsidiary of Camelot Employee Scheme. In
its extraordinary general meeting held on Tuesday, its
shareholders voted in favor of the merger proposal, thereby
authorizing and approving any and all transactions contemplated
by the Merger Agreement.
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Camelot Information Systems, a Chinese company providing
enterprise application and software support to the financial
industry, had entered into a definitive Merger Agreement last
September with Camelot Employee Scheme and Camelot Employee
SubMerger Scheme, both limited liability companies domiciled in
the British Virgin Islands (BVI). Post merger, Camelot
Information Systems will cease to be a publicly traded company,
with its ADSs (American Depository Shares) being delisted from
the New York Stock Exchange.
Per the agreement, Camelot Employee Scheme Inc. will acquire
Camelot Information Systems for 51.25 cents per share or $2.05
per ADS, each representing 4 shares. The consideration to be
rewarded to shareholders implies an equity value for the company
of approximately $98.2 million, on a fully diluted basis.
At the extraordinary general meeting, about 61% of the company's
total outstanding shares voted in person or by proxy.
Approximately 84% of the votes were affirmative and voted in
favor of the proposal to authorize and approve the Merger
Subsequent to the winding-up of the transactions contemplated
under the Merger Agreement, the company will be beneficially
owned by Simon Yiming Ma, the company's Chairman and Chief
Executive Officer, Heidi Chou, the company's President, Yuhui
Wang, the company's Executive Vice President, and 33 existing
shareholders, who have chosen to terminate their rollover shares
and subscribed to the newly issued shares of Camelot Employee
Camelot Information Systems is a dominant provider of world-class
business solutions and information technology (IT) services to
business corporations and financial institutions in China,
Taiwan, Hong Kong and Japan. Over time, Camelot has been
expanding its solution and service offerings through sustainable
investments in developing proprietary solutions and establishing
strategic partnerships with leading international IT product
Camelot Information Systems currently holds a Zacks Rank #3
(Hold). Other stocks in the industry that look promising include
), all of which carry a Zacks Rank #2 (Buy).