Digimarc (DMRC) to Spin-off Digital Watermarking Business
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Digimarc Corporation (NASDAQ: DMRC) announced filing of a Form 10 registration statement by DMRC Corporation, the new entity created for the spin-off of Digimarc's Digital Watermarking business. On March 24, 2008, Digimarc announced it had entered into an agreement to sell its ID Systems business to L-1 Identity Solutions, Inc. (NYSE: ID). The agreement calls for Digimarc's Digital Watermarking business to be spun-off prior to the closing of the acquisition of the ID Systems business. Immediately following the spin-off, the new entity will change its name to Digimarc Corporation. The final closing date is still to be determined.
The spin-off of the Digital Watermarking business is required under the merger agreement entered into with L-1 Identity Solutions. In the unsolicited, non-binding $300 million all-cash offer previously announced by Digimarc, Safran, S.A. also indicated that it would agree to the spin-off of the Digital Watermarking business.
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