US/China: Shareholders rubber-stamp Ingram Micro $6bn sale

US-headquartered Ingram Micro edged closer to Chinese ownership last night when shareholders voted overwhelmingly to accept Tianjin Tianhai’s $6bn offer.

The mega bid for the world’s largest tech distributor was made in February by the Far East company, a subsidiary of HNA Logistics which is itself a division of conglomerate HNA Group.

Some 99.8 per cent of Ingram’s investors approved the sale at a special AGM yesterday, with just 0.1 per cent voting against and 0.06 abstaining.

Ingram and Tianjin Tianhai last month lodged merger notification and report forms with the US Federal Trade Commission and Antitrust Division, and on 2 June were granted early termination of the 30-day waiting period under Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The other conditions to satisfy the transaction include getting the thumbs up from governmental authorities in the People’s Republic, the EU, Turkey, Switzerland, Canada, South Africa, Mexico, India, and clearance by the Shanghai Stock Exchange.

Full Content: The Register

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