DouYu Announces Termination of Merger Agreement with Huya
Retrieved on:
Monday, July 12, 2021
In light of the SAMR Decision, on July 12, 2021, Huya, Tiger Company Ltd., a wholly owned subsidiary of Huya, DouYu, and Nectarine Investment Limited ("Tencent"), a wholly owned subsidiary of Tencent Holdings Limited entered into a termination agreement, pursuant to which the Agreement and Plan of Merger, dated October 12, 2020, by and among the same parties (the "Merger Agreement"), including all schedules and exhibits thereto, and all ancillary agreements contemplated thereby or entered pursuant thereto, were terminated with immediate effect.
Key Points:
- In light of the SAMR Decision, on July 12, 2021, Huya, Tiger Company Ltd., a wholly owned subsidiary of Huya, DouYu, and Nectarine Investment Limited ("Tencent"), a wholly owned subsidiary of Tencent Holdings Limited entered into a termination agreement, pursuant to which the Agreement and Plan of Merger, dated October 12, 2020, by and among the same parties (the "Merger Agreement"), including all schedules and exhibits thereto, and all ancillary agreements contemplated thereby or entered pursuant thereto, were terminated with immediate effect.
- DouYu and Tencent entered into a termination agreement, dated July 12, 2021, pursuant to which the Reassignment Agreement, dated October 12, 2020, by and between DouYu and Tencent, including all schedules and exhibits thereto, and all ancillary agreements contemplated thereby or entered pursuant thereto, were terminated with immediate effect.
- In consideration of the termination of the Merger, Douyu's board of directors approved the cancellation of the Cash Dividend.
- DouYu operates its platform on both PC and mobile apps, through which users can enjoy immersive and interactive games and entertainment live streaming.