The Board of telescope maker Meade Instruments Corp. (MEAD) Friday urged its stockholders to reject the tender offer of VictoryOne Inc., a unit of MIT Capital Inc., to acquire all of the outstanding shares of Meade common stock for $3.65 per share in cash.
The Board reaffirmed its recommendation that Meade stockholders vote in favor of a merger deal with JOC North America LLC, which agreed to acquire Meade for $3.45 per share in cash.
Reasons the Board cited against the tender offer of MIT Capital offer include
- The deal with JOC is a binding, negotiated commitment, and Meade's failure to reject the MITC Offer and/or failure to reaffirm the deal with JOC, would give JOC the ability to terminate the deal, with no assurance that MITC would complete its offer.
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