Image, Nyx merger deadline likely to be extended
Nyx would increase business interruption fee
By Susanne Ault -- Video Business, 2/27/2009
FEB. 27 | Image Entertainment will likely amend its merger agreement with Nyx Acquisitions by extending the deadline for the transaction closing.
Under the proposed amendment, Nyx would increase its financial contribution toward a business interruption fee over the currently dictated $1.8 million. Nyx also must waive some of its closing conditions. In exchange, Image would allow more time to finalize the merger, initially expected to close yesterday, February 26.
Image should determine the amendment’s outcome by the end of today.
Image stockholders approved the original merger terms earlier this week. The agreement calls for Nix to acquire 100% of Image outstanding stock for $2.75 per share.
If Image and Nyx can’t come to terms on this proposed amendment, Image said it will move to terminate the merger agreement, collecting the business interruption fee.
