Omnivision's Stockholders Approve Acquisition

PRNewswire: OmniVision's stockholders approved the Agreement and Plan of Merger of OmniVision, Seagull International Limited and Seagull Acquisition Corporation. Seagull International Limited and Seagull Acquisition Corporation are affiliates of a consortium composed of Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited and GoldStone Investment Co., Ltd.

Under the terms of the Merger Agreement, stockholders of OmniVision will receive 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 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.