RDA Microelectronics Updates On Pending Merger Transaction With Tsinghua

(RTTNews) - RDA Microelectronics Inc. (RDA) provided certain updates regarding the pending merger transaction with Tsinghua Unigroup Ltd. The Merger Agreement provides a long-stop date spanning until at least August 8, 2014 for the parties to complete the Transaction. Tsinghua Unigroup and the company currently expect the Transaction will be closed in the second half of this year.

Also, in view of the pending Transaction and the sensitive current interim period, the company noted that it will not announce its financial results for the quarter ended March 31, 2014 by press release or hold a conference call to discuss such quarterly results.

The company said it has been and will continue working closely and actively with Tsinghua Unigroup to close the Transaction under the terms of the merger agreement entered in November 2013 by and between the Company and Tsinghua Unigroup.

Tsinghua Unigroup has reiterated to the Company its commitment to completing the Transaction and is taking concrete actions to close the Transaction within the framework of the Merger Agreement.

The company reconfirmed that it stands by its commitments and obligations under the Merger Agreement, and its intention to close the Transaction has not changed.

The company will continue to work with Tsinghua Unigroup to close the Transaction as soon as practicable, which the Board believes is in the best interests of the Company's shareholders as a whole.