Russia’s CTC Media is to be delisted from Nasdaq Stock Market.
In a statement, the broadcaster says that the decision was reached by Nasdaq’s staff because, among other reasons, the company did not hold an annual meeting for fiscal year 2015.
CTC Media has also said that its previously announced cash-out merger transaction deal is expected to close this Friday, May 20.
As previously announced, it is likely to value shares at $2.053 each, with the total amount distributed being around $239 million. As a result of the merger, the broadcaster will case to be a publicly traded company.
Under the terms of CTC Media’s sale, first announced late last year, the vendor received an initial $150.54 million from the buyer UTV Management before the end of last year. This was followed by $42.5 million this February, with the latter figure being reduced by $7.5 million.
CTC Media was formerly majority (38%) owned by Modern Times Group (MTG).
