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RhythmOne closes YuMe deal

RhythmOne plc closed the acquisition of YuMe Inc. following the completion of the exchange offer to acquire YuMe shares.

The exchange offer for all outstanding shares of YuMe common stock was made through a wholly owned subsidiary of RhythmOne in exchange for $1.70 in cash without interest and 0.7325 ordinary share of RhythmOne for each share of YuMe common stock, according to a Feb. 2 news release.

According to the exchange agent, RhythmOne that a total of 26,122,350 YuMe shares, representing about 74.4% of issued and outstanding YuMe shares as of the expiration of the offer, were validly tendered and not validly withdrawn. All YuMe shares that were validly tendered and not validly withdrawn in the offer have been accepted for payment.

RhythmOne merged with and into YuMe, with YuMe surviving the merger and becoming a wholly owned subsidiary of RhythmOne. Thereafter, the surviving corporation will merge with and into another wholly owned RhythmOne subsidiary with such other subsidiary continuing as the surviving corporation. All YuMe shares not validly tendered into and accepted in the offer, other than YuMe shares held by YuMe in treasury or by YuMe stockholders who have validly exercised their appraisal rights, will be canceled and converted into the right to receive the same consideration received for each YuMe share accepted in the offer.

YuMe shares will cease to be traded on the NYSE.

Eric Singer and John Mutch have been appointed as nonexecutive directors of RhythmOne. Singer will also become RhythmOne's chairman, while Raj Chellaraj will step down as the current chairman, although he will maintain his position as a nonexecutive director of the company.

Suranga Chandratillake and Andrea Cunningham have resigned as nonexecutive directors of the company.