The board of directors of telescope maker Meade Instruments Corp. (NASDAQ:MEAD) asked its shareholders to reject the $3.65 per share cash offer of VictoryOne.
VictoryOne Inc is a unit of San Jose venture capital firm MIT Capital Inc. It has proposed to acquire all outstanding shares of Meade Instruments for $3.65 per share in cash.
The board reaffirmed its earlier recommendation to shareholders to vote in favor of a merger deal with Jinghua Optics & Electronics Co. in Guangzhou, through its U.S. subsidiary, JOC North America LLC, which offered cash at $3.45 per share.
The board justified its reasoning in its Setup a free account to get access to this article (no credit card required).Login required to continue reading.
