StockerYale (STKR) Reaffirms Offer to Acquire Virtek Vision International
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StockerYale, Inc. (NASDAQ: STKR) reaffirmed its offer to acquire 100% of the issued and outstanding Common Shares of Virtek Vision International Inc. (TSX:VRK) at a price of CDN$0.65 in cash per Virtek Common Share.
StockerYale is responding to the press release issued by Virtek on July 14, 2008 and Directors' Circular issued by Virtek on July 14, 2008 which recommended that its shareholders reject StockerYale’s offer to purchase 100% of the Common Shares of Virtek.
StockerYale Response: Virtek first became aware of StockerYale’s interest in possibly combining with Virtek on May 7, 2008 and received StockerYale’s initial offer on May 13, 2008, approximately 63 days ago. StockerYale’s interest in acquiring Virtek first became public information on May 16, 2008 (approximately 60 days ago) when Virtek issued a press release announcing that it had received a letter indicating such from StockerYale. The StockerYale Offer is scheduled to expire on August 1, 2008, giving the Virtek board of directors over 80 total days during which it could have taken steps to maximize shareholder value, including engaging in discussions with StockerYale. To date, Virtek’s board of directors has refused to engage in discussions and negotiations with StockerYale and it is unclear how Virtek’s failure to engage in discussions with StockerYale has served the best interests of Virtek’s shareholders.
StockerYale, Inc. develops illumination products, specialty optical fiber and diffractive optics. [SM]
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