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Motion DNA Board of Directors Approves Acquisition; Shareholder Meeting to Be Set to Finalize Deal at $3.125 Per Share
PR Newswire - April 29, 2005 10:31

PHOENIX, April 29, 2005 /PRNewswire-FirstCall via COMTEX/ -- The Board of Directors of Motion DNA Corporation (Pink Sheets: MTDX), has by a majority vote agreed that it is in the best interest of the company and its shareholders to formalize the acquisition offer made by Formula 51-2, LLC. After meeting on Thursday, representatives of both companies agreed upon a price of $3.125 for each share of the company. Two members of the board approved of the acquisition, while the third member voted in favor of pursing other suitors.

After receiving the initial offer from Formula 51-2, Motion DNA officials submitted a counter offer of $4.20 per share or approximately $100 Million. That counter offer was rejected and the two parties agreed at $3.125 per share. The final deal, valued at $75 million includes cash and stock for all of the company's shares held by control persons and cash to re-acquire all of the company's public shares at a price of $3.125 each.
http://www.amtdrt.inlumen.com/bin/story?StoryId=CqNgXqbWbmte5CdG1odq