GNC stockholders approve Harbin Pharmaceutical deal

GNC Holdings Inc. (NYSE: GNC) announced May 17 that its stockholders approved the company's proposal to issue convertible preferred shares to Harbin Pharmaceutical Group Holdings Co., Ltd. ("Hayao") in connection with Hayao's $300 million strategic investment in GNC (the "share issuance proposal") at the company's special meeting of stockholders, which reconvened on May 17, 2018.

An aggregate of 44,121,445 shares, representing a majority of the shares outstanding and over 94 percent of the votes cast at the special meeting, were voted in favor of the share issuance proposal. 

The transaction is subject to customary closing conditions, including receipt of all necessary regulatory and governmental approvals, and is expected to close in the second half of 2018.

Source: GNC