Courtesy of Benzinga.
Global-Tech Advanced Innovations Inc. (NASDAQ: GAI)today
announced that it has entered into an agreement and plan of merger (the
“Merger Agreement”) with Timely Star Limited, a company with limited
liability incorporated under the laws of the British Virgin Islands
(“Parent”), and Timely Merit Limited, a company with limited liability
incorporated under the laws of the British Virgin Islands and a direct
wholly owned subsidiary of Parent (“Merger Sub”).
Pursuant to the terms of the Merger Agreement, each of the Company’s
ordinary shares (a “Share”) issued and outstanding immediately prior to
the effective time of the merger will be cancelled in exchange for the
right to receive US$8.85 in cash per Share, without interest, except for
