MakeMusic (MMUS) Affirms $13.5M Takeover Offer from LaunchEquity
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MakeMusic, Inc. (Nasdaq: MMUS) confirms that it received, on July 15, 2012, a proposal from LaunchEquity Partners, LLC (“LaunchEquity”) to acquire the operating assets of MakeMusic, excluding cash, and assume the related liabilities of MakeMusic, free and clear of all liens and encumbrances, for $13.5 million. LaunchEquity’s proposal contemplates that MakeMusic would adopt a plan of liquidation, which would include a distribution of MakeMusic’s then available cash to existing shareholders. LaunchEquity and certain of its affiliates currently collectively own approximately 27.7% of MakeMusic’s outstanding common stock, according to the latest filings by LaunchEquity and its affiliates with the Securities and Exchange Commission.
Consistent with its fiduciary duties, MakeMusic’s Board of Directors has appointed a Special Committee of independent, disinterested directors to review and consider the proposal, in consultation with financial and legal advisors, and determine the course of action that it believes is in the best interests of MakeMusic and its shareholders. The Board has authorized the Special Committee to consider the full range of available strategic alternatives including, but not limited to, continuing as an independent, public company with MakeMusic’s current growth plans.
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Consistent with its fiduciary duties, MakeMusic’s Board of Directors has appointed a Special Committee of independent, disinterested directors to review and consider the proposal, in consultation with financial and legal advisors, and determine the course of action that it believes is in the best interests of MakeMusic and its shareholders. The Board has authorized the Special Committee to consider the full range of available strategic alternatives including, but not limited to, continuing as an independent, public company with MakeMusic’s current growth plans.
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