BIO-key to Make Takeover Bid for ComnetiX (12/22)
Monday, January 01, 2007 | Comments
BIO-key International announced that it will make a securities exchange takeover bid for all of the issued and outstanding common shares of ComnetiX. BIO-key will offer common shares of BIO-key for each ComnetiX share to value ComnetiX shares at $1.29 per share, which represents a 65-percent premium to the closing price for ComnetiX shares Dec. 20. BIO-key anticipates that the takeover bid circular and related documents with respect to its offer will be mailed to shareholders by mid-January. Northern Financial, a Canadian merchant bank, has agreed with BIO-key to tender its approximate 12.5-percent common share interest in ComnetiX into the BIO-key offer, subject to certain limited rights of withdrawal. BIO-key also intends to proceed with a financing through Northern in January, the proceeds of which will be used for working capital in the combined BIO-key and ComnetiX business. The combined company will carry on business under the name BIO-key International and will serve the public-safety communications market.


 
 
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