New Frontier Media Inc. (NOOF) and L.F.P., Inc. announced that LFP Broadcasting, LLC and Flynt Broadcast Inc. , affiliates of L.F.P., have successfully completed the tender offer for all of the outstanding shares of common stock of New Frontier Media for $2.02 per share, net to the seller in cash without interest, plus a contingent cash payment right in the amount of $0.04 per share for each common share.
The tender offer expired on November 27, 2012 Corporate Stock Transfer, Inc., the depositary for the tender offer, has advised LFP Broadcasting that as of such time approximately 14.36 million shares were validly tendered and not withdrawn in the tender offer (including 1.57 million shares delivered through Notices of Guaranteed Delivery), representing in the aggregate approximately 83.1% of New Frontier's currently outstanding shares.
Following the merger, New Frontier's common shares will cease to be traded on NASDAQ.
In October, New Frontier Media announced that it signed a definitive agreement to be acquired by LFP Broadcasting, LLC, an affiliate of L.F.P. Inc., the company founded and headed up by Larry Flynt, for $2.02 per common share in cash up front, or approximately $33 million, plus a contingent cash payment right for each common share.
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