An unsolicited offer received from an unrelated third party has prompted Bio-Imaging Technologies (d/b/a BioClinica) of Newtown, PA, and etrials Worldwide of Morrisville, NC, to amend their merger agreement and increase the value of the offer.
Under the revised proposal, for each share of etrials stock, shareholders will receive 0.124 shares of newly issued Bio-Imaging common stock, 0.076 shares of newly issued Bio-Imaging preferred stock, and 62¢ in cash, which equates to a value of $1.35 per share for etrials.
The original proposed agreement equated to a per-share value of approximately 91¢, based, in part, on 15¢ in cash per share. The tender offer is expected to expire on or about June 20.
Related Reading
Bio-Imaging to acquire etrials Worldwide, May 5, 2009
Bio-Imaging changes name to BioClinica, April 30, 2009
Bio-Imaging buys Phoenix Data Systems, March 25, 2008
Bio-Imaging completes Theralys acquisition, February 7, 2007
Bio-Imaging grows revenues, posts Q3 profit, November 9, 2006
Copyright © 2009 AuntMinnie.com
