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Image, BTP merger deadline extended
By Susanne Ault -- Video Business, 1/14/2008
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JAN. 14 | Image Entertainment and BTP Acquisition Company have again extended the deadline to finalize their merger to Feb. 1.
Originally, BTP was anticipated to complete its purchase of Image by Jan. 14, several weeks delayed from the time when Image shareholders first approved of the transaction last year.
To ensure its intentions are unchanged, BTP has agreed to deposit $1 million with Image. To date, BTP has deposited a total of $3 million into a trust account meant to go toward Image’s ultimate purchase.
Recently, BTP notified Image that it is considering purchasing shares of the indie supplier at the current open market price, which is lower than the earlier agreed upon pricing terms.