TTR Tech/Macrovision -2: Deal To Go Forward
DOW JONES NEWSWIRES
NEW YORK -- Macrovision Corp.'s (MVSN ) acquisition of TTR Technologies Inc. (TTRE) won't be completed by a March 15 walk-away date, but a Macrovision spokesman said the company expects the deal to go forward.
In a press release Friday, TTR said the delay stems from a lack of approval from the Israeli Ministry of Trade and Commerce.
The hold up is "merely an administrative delay," at the Israeli agency, a Macrovision spokesman said, adding that the deal is expected to be completed.
Macrovision, which offers technologies to prevent illicit copying of videotapes, discs and software, said in November it would pay $5 milion to acquire TTR, which makes technology that prevents duplicating compact disc recordings.
The purchase agreement also included a provision that would terminate an alliance between the companies.
TTR, which trades on the over-the-counter bulletin board, noted in its press release Friday that the agreement can be terminated if it isn't completed by March 15. A spokesman for TTR declined to offer additional comment.
-John Seward; Dow Jones Newswires; 201-938-5400
Updated March 14, 2003 5:46 p.m. |
