NEW YORK-Intek Global Corp. announced the tender offer and merger price for the outstanding shares of Intek Global by Securicor plc is expected to be increased from $2.75 cash per share to $3.01 cash per share.
The plaintiffs in three class-action lawsuits related to the tender offer and merger have entered into a memorandum of understanding regarding a proposed settlement. The settlement is subject to the right of plaintiffs to withdraw after two depositions are completed. They were scheduled to occur prior to July 10, said Intek Global.
If the plaintiffs don’t withdraw from the lawsuit, then the tender offer price will be increased, a revised merger agreement will be entered into and a definitive settlement agreement will be executed subject to court approval.
Intek Global said the tender offer commenced on June 16 and is currently scheduled to expire on July 14. If the plaintiffs do not withdraw from the settlement, then the expiration date of the tender offer will be extended and an amended offer to purchase will be distributed.
Intek Global and Securicor have denied any wrongdoing whatsoever, and agreed to the settlement of these class actions to eliminate the burden and expense of further litigation.
