Tom Group and Tom Online have jointly announced plans to postpone a special court meeting and shareholder meeting scheduled today for the privatization of Tom Online.
According to local media, the company wants to leave more time for the shareholders to think about the privatization idea. Tom Group's application has been postponed until August 3, 2007.
In March this year, Tom Group announced plans to have Tom Online privatized. Later in April, the privatization resolution was passed by 99.3% of the company's shareholders at a special shareholder meeting.
Tom Group believes that Tom Online will have more decision making power once it is privatized. Affected by new wireless operational policies in China, Tom Online's total revenues in the first quarter of this year dropped by 26% compared with the same period of last year.
