China Nuokang Bio-Pharmaceutical Inc. (NKBP) Adjourns Extraordinary General Meeting of Shareholders
1/15/2013 9:20:47 AM
BEIJING, Jan. 15, 2013 (GLOBE NEWSWIRE) -- China Nuokang Bio-Pharmaceutical Inc. (Nasdaq:NKBP) ("Nuokang" or the "Company") announced today that it has adjourned its extraordinary general meeting of shareholders that was called to authorize and approve the proposed merger with an affiliate of Kingbird Investment Inc. ("Parent"), an affiliate of Mr. Baizhong Xue, the Chairman and Chief Executive Officer of the Company, pursuant to the agreement and plan of merger dated as of September 27, 2012, among the Company, Parent and Kingbird Mergerco. Inc. ("Merger Sub"), and, solely for the purposes of Section 6.16 thereof, Anglo China Bio-technology Investment Holdings Limited and Britain Ukan Technology Investment Holdings (Group) Limited. Parent has advised the Company that it requires additional time to obtain its contemplated debt financing for the pending transaction. Apart from the motion to adjourn, no other business was conducted at the extraordinary general meeting of shareholders on January 15, 2013. The resolutions set out in the notice of the extraordinary general meeting dated December 17, 2012 will be considered and voted on at such time as the adjourned extraordinary general meeting is resumed. The Company intends to resume the adjourned extraordinary general meeting of shareholders as soon as practicable following confirmation from Parent that the debt financing will be available at the closing of the transaction, and Parent has further advised the Company that it expects this will not be later than March 21, 2013. The Company will give notice to shareholders of the date on which the adjourned extraordinary general meeting will be resumed as soon as a date is selected, and in any event not less than seven calendar days prior to such resumed meeting.