Image Entertainment (DISK) and Nyx Agree to Merger Agreement Amendment

April 7, 2009 8:20 AM EDT

Image Entertainment, Inc. (NASDAQ: DISK) announced that representatives of Image Entertainment and Nyx Acquisitions, Inc., an affiliate of Q-Black, LLC, agreed in principle to a third amendment to the amended merger agreement. Under the latest amendment, Image will receive a $1 million payment into its operating account on April 7, 2009 from Nyx. The $1 million payment will not form part of the merger consideration, and will be immediately available to Image. Nyx will not receive any capital securities or debt obligation from Image for the $1 million payment.

Under the merger agreement as previously amended, Nyx had the right to extend the merger closing date from April 6, 2009 to April 20, 2009 if Nyx deposited an additional $1.5 million into a trust account to secure payment of the business interruption fee on April 6, 2009. Under the terms of the amended merger agreement, Nyx has agreed to acquire 100% of the outstanding common stock of Image Entertainment for $2.75 per share in cash.
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