Beijing and Shanghai – Youku Tudou Inc. (Youku) and Tudou Holdings Limited (Tudou) have announced the completion of the merger between Tudou and Two Merger Sub Inc., a wholly owned subsidiary of Youku, pursuant to the agreement and plan of merger dated March 11, 2012.
As a result of the merger, Tudou has become a wholly owned subsidiary of Youku. Youku’s name was changed from Youku Inc. to Youku Tudou Inc.
Under the terms of the Merger Agreement, each Tudou Class A ordinary share and Tudou Class B ordinary share issued and outstanding immediately prior to the merger has been cancelled in exchange for the right to receive 7.177 Youku Class A ordinary shares. Each Tudou ADS representing four Tudou Class B ordinary shares issued and outstanding immediately prior to the merger has been surrendered in exchange for the right to receive 1.595 Youku American depositary shares, each representing 18 Youku Class A ordinary shares.
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