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| Share | November 21, 2008
Small Cap Alert: Image Entertainment Enters Into Merger Agreement to Sell Company to Nyx Acquisitions for $60.2M cash - (MobiWire) |
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CHATSWORTH, Calif - Image Entertainment, Inc. (NASDAQ:DISK), a leading independent licensee, producer and distributor of entertainment programming in North America, released news yesterday that the company has entered into a definitive merger agreement with Nyx Acquisitions, Inc. to sell Image in a transaction valued at approximately $100 million, including the assumption of the company's outstanding debt under its credit facility, replication advance obligation and convertible note.
The acquisition price is more than three times above the Chatsworth, Calif., company's closing stock price of 69 cents on Thursday.
Image Entertainment, Inc. engages in the acquisition, production, and distribution of home entertainment programming to be released on various formats and platforms. The company releases an array of general and specialty content, including feature films, comedy, music concerts, urban, theatrical catalogue films, independent films, foreign and silent films, youth culture/lifestyle, latin, television, country, theatre, and gospel.
Under the terms of the merger agreement, Image stockholders will receive $2.75 per share in cash. The agreed-upon acquisition price represents a 299% premium to Image's closing share price of $0.69 on November 20, 2008, and a 267% premium to the 30-day average closing price of $0.75 ended November 20, 2008.
Stockholders owning a total of approximately 38% of Image's outstanding shares of common stock have agreed to vote their shares in favor of the transaction.
Completion of the transaction is subject to customary closing conditions, including regulatory review and the approval of the transaction by Image stockholders. The transaction is targeted to close during the first quarter and is not subject to a financing condition.
Investor's should watch for early movement with this stock as it closed Thursday November 20, 2008 at $0.69 per share.
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