logo
  Join        Login             Stock Quote

/ CORRECTION - RAE Systems Inc. Announces Amended Merger Agreement With Vector Capital Increasing Price to $2.05 per Share in Cash

Saturday, May 21, 2011 12:53 PM


SAN JOSE, CA -- (Marketwire) -- 05/21/11 -- In the news release, "RAE Systems Inc. Announces Amended Merger Agreement With Vector Capital Increasing Price to $2.05 per Share in Cash," issued earlier today by RAE Systems (NYSE Amex: RAE), we are advised by the company that there are several revisions to the first paragraph, including that the fourth sentence of the first paragraph should read "Vector Capital proposed this amendment on May 20, 2011 following a definitive proposal submitted on May 20, 2011" rather than "Vector Capital proposed this amendment on May 19, 2011 following a definitive proposal submitted on May 19, 2011" as originally issued. Complete corrected text follows.

Rae Systems Inc. Announces Amended Merger Agreement With Vector Capital Increasing Price to $2.05 per Share in Cash

SAN JOSE, CA -- May 21, 2011 -- RAE Systems Inc. (NYSE Amex: RAE) ("RAE" or "the Company"), a leader in delivering innovative sensor solutions to serve industrial, energy, environmental, and government safety markets worldwide, today announced that it has entered into an amendment to its merger agreement with an affiliate of Vector Capital ("Vector") under which the acquirer has increased the price per share to be paid to our unaffiliated stockholders to $2.05 per share. The termination fee payable in the event that the Vector merger agreement is terminated in connection with a superior offer has not been increased. The amended merger agreement was unanimously approved by the Special Committee of the Board of Directors of RAE. Vector Capital proposed this amendment on May 20, 2011 following a definitive proposal submitted on May 20, 2011 by Battery Ventures and another private equity firm to acquire the Company, also for $2.05 per share. The transaction is subject to customary closing conditions, including the approval of RAE's stockholders. There is no financing condition to the transaction.

As previously announced, the special meeting of stockholders to vote on the transaction will be held at 10:00 AM Pacific time on Thursday, June 9, 2011.

About Vector

Vector Capital is a leading global private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector identifies and pursues these complex investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers and shareholders.


Advertisement
Advertisement



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.