Fenwick & West represented Taomee Holdings Limited (NYSE: TAOM), a leading children’s entertainment and media company in China, as its U.S. legal counsel in the privatization process. Pursuant to the Merger Agreement with Orient TM Parent Limited, Taomee will receive cash consideration equal to UA$0.1884 per ordinary share of the Company or US$3.767 per American depositary share of the Company, each representing 20 Shares, in a transaction valuing the Company at approximately US$134 million.
The merger which is currently expected to close during the second quarter of 2016, is subject to various closing conditions, including a condition that the Merger Agreement be authorized and approved by an affirmative vote of shareholders representing two-thirds or more of the Shares present and voting in person or by proxy as a single class at a meeting of the Company’s shareholders convened to consider the authorization and approval of the Merger Agreement and the merger. More information about Taomee’s acquisition by Orient can be obtained from the company press release.
The Fenwick transaction team included Karen Yan, Ruomu Li, Alexandra Yin and Benjamin Yao.