Jiayuan Baihe Merger Has Been Completed

Chinese online dating company Jiayuan has just announced the completion of its merger with dating rival Baihe.

An offer to buy the company came in last year from main competitor Baihe, proposing to merge the company with Baihe subsidiaries LoveWorld and FutureWorld.

In December, Jiayuan agreed to a deal from Baihe to buy the dating company for $7.56 per American Depositary Share and $5.04 per ordinary share, its shareholders voting in favour on the 29th.

The announcement was made following a general meeting where company shareholders authorised the merger proposal, put forward on 7th December 2015.

Of those holding ordinary shares that were entitled to vote at the meeting, 56.7% were voted in person or by proxy at the meeting.

The proposal won approval from approximately 97.5% of the ordinary share holders present at the meeting.

And having last week completed the merger, Jiayuan is now a wholly-owned subsidiary of Baihe.

The company also announced that as of May 13th 2016, it has requested to stop trading on the NASDAQ, and the SEC will be notified that it wants to begin the delisting & deregistration process.

Read more about the deal here.