In Brief: Isolyser/Microtek
This article was originally published in The Gray Sheet
Isolyser/Microtek: Revise previously announced merger agreement due to the "recent trading prices of Isolyser common stock below $13 per share which, under the previous merger agreement, would have netted Microtek's shareholders substantially less than" the agreed on price of $16.50 per share, the companies say. Isolyser, developer of the Orex Degradables technology, and Microtek, a manufacturer of disposable drapes and fluid control pouches, announced plans to merge in March ("The Gray Sheet" March 25, I&W-9). Under revised terms of the deal, Microtek shareholders will receive $16.50 of Isolyser stock if the average price of Isolyser shares is between $10 and $15 per share. Microtek shareholders will receive one share of Isolyser stock for each Microtek share if Isolyser stock trades above $15; they will receive 1.65 shares of Isolyser stock if Isolyser trades for $10 or below. Both firms retain an option to terminate the deal if Isolyser shares dip below $10...
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