|
Article Excerpt
COLUMBUS, Ohio, March 31 /PRNewswire-FirstCall/ -- AirNet Systems, Inc. ("AirNet") today announced that it has entered into a definitive merger agreement to be acquired by an affiliate of Bayside Capital, Inc. ("Bayside Capital") for $2.81 per share in cash. The price represents a premium of approximately 93.8% over the closing price of $1.45 per share on March 28, 2008. The total value of the transaction is approximately $28.7 million. In conjunction with the merger agreement, the affiliate of Bayside Capital will also be purchasing approximately 1.9 million common shares from AirNet at $2.81 a share for a total purchase price of approximately $5.4 million.
The Board of Directors of AirNet unanimously approved the merger agreement, determined that the merger is in the best interests of AirNet's shareholders and agreed to recommend approval and adoption of the merger and the merger agreement by AirNet's shareholders. AirNet's Board of Directors has received an opinion from Brown, Gibbons, Lang & Company, L.P. that the consideration to be received by the shareholders of AirNet pursuant to the merger is fair from a financial point of view.
AirNet's shareholders will vote on the proposed transaction at a special meeting that will be held on a date to be announced. Completion of the merger is subject to various customary closing conditions, including the obtaining of any required regulatory approvals. The closing of this transaction is expected to occur during the second quarter of 2008, and is not subject to any financing contingencies.
Bruce D. Parker,...
|
|
More articles from PR Newswire
Quest Diagnostics Campaign Challenges Colorectal Cancer Screening Stat..., March 31, 2008
NAMIC Upgrades Senior Management Positions., March 31, 2008
Elbit Imaging Ltd. Announces Results For Fiscal Year 2007., March 31, 2008
U.S. Advertising Spending Rose 0.6% in 2007, Nielsen Reports., March 31, 2008
Qualcomm CEO Paul Jacobs to Host Press Conference CTIA 2008, Las Vegas..., March 31, 2008
Looking for additional articles?
Search our database of over 3 million articles.
Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication
name or publication date.
About Goliath
Whether you're looking for sales prospects, competitive information, company
analysis or best practices in managing your organization,
Goliath can help you meet your business needs.
Our extensive business information databases empower business
professionals with both the breadth and depth of credible,
authoritative information they need to support their business
goals. Whether it be strategic planning, sales prospecting,
company research or defining management best practices -
Goliath is your leading source for accurate information.
|
|
