Bayside Capital Partners/Majestic Capital
On September 21, 2010, Majestic Capital, Ltd. (Nasdaq: MAJC) announced that they entered into a definitive agreement to be acquired by Bayside Capital Partners LLC.
The agreement provided $0.45 per common share in cash, or a total consideration of $7.8 million. The price was a 105% premium over the $0.22 closing price on September 20, 2010.
The transaction is expected to be completed in Q111.
Lancer Financial has provided a financing commitment to Bayside Capital Partners for the full amount of the merger consideration.
Macquarie Capital acted as the financial advisor to Majestic Capital.
LMC Capital LLC provided a fairness opinion to Majestic Capital’s Board of Directors and its Special Transaction Committee of independent directors.
