Bio-Imaging Tech. (BITI) to Acquire etrials Worldwide (ETWC)
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Bio-Imaging Technologies, Inc. (NASDAQ: BITI) and etrials Worldwide, Inc. (NASDAQ: ETWC) jointly announce Bio-Imaging's intent to acquire etrials.
The proposed acquisition is expected to be consummated through a tender offer for all of the outstanding shares of etrials stock. For each share of etrials stock, shareholders will receive 0.124 shares of newly issued Bio-Imaging common stock, 0.076 shares of newly issued Bio-Imaging preferred stock, and $0.15 in cash, which equates to a value of $0.9068 per share for etrials, representing a 27% premium to the average closing price for the past thirty days.
Stockholders owning approximately 33% of etrials outstanding shares have already agreed to tender their shares, and if needed, vote in favor of the approval of the merger agreement. Subject to customary closing conditions, and assuming a majority of etrials shares will be tendered pursuant to the Tender Offer, the tender offer is expected to expire on or about June 15, 2009.
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