(From Asia Pulse)
(Full text of a statement. Contact details below.)
HONG KONG & VANCOUVER, Feb. 25 /XFNHK-AsiaNet/ -- CDC Software Corporation ("CDC Software"), a software unit of chinadotcom corporation (Nasdaq: CHINA; Website: www.corp.china.com) and Pivotal Corporation ("Pivotal") (Nasdaq: PVTL and TSX: PVT) today announced that Pivotal's shareholders and optionholders have passed resolutions in support of the proposed arrangement (the "Arrangement") under Section 252 of the Company Act (British Columbia) involving Pivotal, Pivotal shareholders, Pivotal optionholders and CDC Software. The extraordinary general meeting of shareholders to consider the transaction was held at 2:00 p.m., February 23, 2004, at Vancouver, Canada.
As previously announced, under the Arrangement, Pivotal shareholders who deposited their shares were entitled to elect to receive, in respect of each common share deposited, either:
-- (a) US$2.14 comprised of: (i) a cash payment of US$1.00; plus (ii)
US$1.14 of CDC shares (the "Cash and Share Option"); or
-- (b) a cash payment of US$2.00 (the "Cash Option").
Pursuant to the terms of the Arrangement, Pivotal shareholders who have not specifically indicated an election for the Cash and Share Option are deemed to have elected the Cash Option.
In order to be finalized, the Arrangement must be approved by a …