M*Modal (MODL) and One Equity Partners, the private investment arm of JP Morgan Chase & Co. (JPM), announced that Legend Acquisition Sub, Inc. has begun the previously announced tender offer for all of the outstanding shares of common stock of M*Modal at a price of $14.00 per share, net to the seller in cash without interest thereon and less any applicable withholding taxes.
Legend Acquisition Sub, Inc. and its parent company, Legend Parent, Inc., are controlled by One Equity Partners V, L.P.
On July 2, M*Modal and One Equity Partners announced that M*Modal, Legend Acquisition Sub, Inc. and Legend Parent, Inc. had signed a definitive merger agreement pursuant to which the tender offer would be made. M*Modal's board of directors has by unanimous vote approved the terms of the merger agreement, including the tender offer.
The tender offer and withdrawal rights are scheduled to expire at 11:59 p.m., New York City time, on Monday, August 13, 2012, unless extended or earlier terminated in accordance with the merger agreement and applicable law.
For comments and feedback: editorial@rttnews.com