Page America Group Inc. and Metrocall Inc. revised an April 1996 agreement that called for Metrocall to acquire the assets of Page America for $78.5 million. Under the revised agreement, Metrocall will acquire most of the assets of Page America for $25 million in cash, $15 million in Metrocall junior preferred stock, 830,333 shares of Metrocall common stock and an additional $15 million in common stock or common stock equivalents. The total purchase price is contingent upon the price of the stock 10 days prior to closing the acquisition.
Paul Liberty, vice president of investor relations for Metrocall, said if the deal closed Friday, the total purchase price would have been around $60 million. Metrocall said the revised terms reflect Page America’s third quarter results and the current price of Metrocall’s common shares.
