Snap Hook - MTDX - Check out the buy out offer. Why isn't this stock trading closer to the 3.125 tender offer? Seems like a no-brainer? What am I missing here?
PHOENIX, May 26, 2005 /PRNewswire-FirstCall via COMTEX/ -- Motion DNA Corporation (Pink Sheets: MTDX), announced it has received a deposit in the amount of $5,600,000 as part of the agreement with Formula 51-2, LLC for a buyout of all its outstanding shares.
The deposit was due before May 29, 2005 but was delivered on Wednesday by Jamir Miller, Managing Member of Formula 51-2. Last month, the companies agreed to a firm buyout price of $3.125 for each share of the company's outstanding stock. The buyout is awaiting a vote by the shareholders on June 17, 2005. The balance of funds to complete the buyout must be placed in an escrow account at the law offices of Greenburg-Traurig within 30 days of shareholder approval. The buyout agreement allows Formula 51-2 sixty days from the shareholder meeting to complete the acquisition of all the issued and outstanding shares.
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