Image Entertainment (DISK) Announces Merger Agreement with Nyx Acquisitions
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Image Entertainment, Inc. (NASDAQ: DISK) has entered into a definitive merger agreement with Nyx Acquisitions, Inc. to sell Image in a transaction valued at approximately $100 million, including the assumption of the company's outstanding debt under its credit facility, replication advance obligation and convertible note.
Under the terms of the merger agreement, Image stockholders will receive $2.75 per share in cash. The agreed-upon acquisition price represents a 299% premium to Image's closing share price of $0.69 on November 20, 2008, and a 267% premium to the 30-day average closing price of $0.75 ended November 20, 2008.
The transaction is not subject to a financing condition and is expected to close during the first quarter of 2009.
Image Entertainment, Inc. (Image) is a worldwide independent licensee, producer and distributor of home entertainment programming.[SM]
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