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LFP Broadcasting to Acquire New Frontier Media (NOOF) for $2.02/Share

October 15, 2012 5:01 PM EDT

New Frontier Media, Inc. (Nasdaq: NOOF) announced that the Company has signed a definitive agreement to be acquired by LFP Broadcasting, LLC, an affiliate of L.F.P., Inc., the company founded and headed up by Larry Flynt, for $2.02 per common share in cash up front, or approximately $33 million, plus a contingent cash payment right for each common share. The acquisition price represents approximately a 79% premium to New Frontier Media's closing stock price on March 8, 2012, the day before New Frontier Media received a publicly-announced unsolicited acquisition proposal. The acquisition is expected to close during the... More