Mergers and Acquistions News
Categories: Media & Information Services
November 21st 2008, 15:54PM
Media firm Image Entertainment has announced that it has entered into a definitive merger agreement with Nyx Acquisitions which sees the latter takeover the firm in a deal worth around $100 million (£67 million).
Under the terms of the deal, shareholders will receive $2.75 per share and the purchasing firm will also take on Image's outstanding debt.
The offer price represents a 299 per cent premium on the firm's closing share price on November 20th.
David Borshell, president of Image, said: "This deal allows Image to expand its overall business and grow as a vertically-integrated entertainment company."
The deal is subject to shareholder and regulatory approval.
Nyx Acquisitions is a subsidiary of new media investment group Q Black, while Image licences, produces and distributes entertainment programming.
Earlier this week, it was revealed that United Business Media has acquired Chinese newswire Xinhua PR for a cash consideration of $6 million, the deal also sees UBM take control of its corporate announcement arm.
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