Printer Friendly

VIDMARK AND INTERNATIONAL BROADCAST SYSTEMS LTD. SIGN MERGER AGREEMENT

 VIDMARK AND INTERNATIONAL BROADCAST SYSTEMS LTD.
 SIGN MERGER AGREEMENT
 SANTA MONICA, Calif., Nov. 20 /PRNewswire/ -- Vidmark Inc. (NASDAQ-NMS: VDMK) and International Broadcast Systems Ltd. ("IBS") (NASDAQ: IBTVA) today jointly announced that they have signed a definitive agreement providing for the acquisition of IBS by Vidmark for $0.51 per share in cash. The aggregate value of the transaction to IBS shareholders will be approximately $1.7 million.
 The definitive agreement provides for a cash tender offer by a wholly owned Vidmark subsidiary of $0.51 for each share of IBS's Class A common stock and Class B common stock. IBS has outstanding 1,757,000 Class A shares and 1,518,000 Class B shares. The tender offer will commence no later than Nov. 27, 1991, and will be conditioned upon there being validly tendered and not withdrawn at least 90 percent of the Class A shares and Class B shares. It is anticipated that the tender offer will be followed by a short-term cash merger -- or, at Vidmark's option and if required, a meeting of IBS shareholders to approve the merger -- in which any shares not tendered will be acquired at the same price. It is expected that the offer will be consummated by late December.
 The boards of directors of both companies have approved the transaction.
 Vidmark is a worldwide distributor of motion pictures in all media with particular emphasis at this time on theatrical and home video distribution. Vidmark's common stock is traded on NASDAQ/National Market System under the symbol "VDMK."
 IBS distributes television programming internationally. IBS also secures airtime and sponsorships internationally and provides broadcast management and consulting services to television stations and program producers both domestically and abroad. IBS's Class A common stock is traded over the counter under the symbol "IBTVA."
 -0- 11/20/91
 /CONTACT: David Bowers, VP-publicity of Vidmark, 310-399-8877; or Gary White, CFO of IBS, 214-871-8108/
 (VDMK IBTVA) CO: Vidmark Inc.; International Broadcast Systems Ltd. ST: California IN: ENT SU: TNM


KJ-AL -- LA031 -- 5624 11/20/91 17:30 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 20, 1991
Words:340
Previous Article:LAUREL SAVINGS ASSOCIATION ANNOUNCES RESULTS OF THE ANNUAL MEETING OF STOCKHOLDERS
Next Article:THE TORONTO STOCK EXCHANGE MARKET CLOSING
Topics:


Related Articles
IBS ANNOUNCES THIRD QUARTER RESULTS
SEVEN NETWORK AUSTRALIA SIGNS WITH GE AMERICOM FOR INTERNATIONAL ACCESS
VIDMARK ENTERTAINMENT TO RELEASE ANTHONY PERKINS' LAST MOTION PICTURE, 'A DEMON IN MY VIEW,' ON HOME VIDEO, OCT. 28
STONE GRILL INTERNATIONAL, INC. ANNOUNCES ACQUISITIONS OF $6 MILLION IN EQUIPMENT AND PROGRAMMING
BVR Technologies' Affiliate RT-SET and Peak Broadcast Announce a Merger.
Fox Moves All U.S. Programming to the PanAmSat Fleet; Company Strikes Long-Term Agreements with Fox Entertainment Group for U.S. Cable, Broadcast and...

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters