The MSEL acquisition has fallen apart. I hope that you cashed out.
Merisel, Inc. Terminates Merger Agreement as a Result of Breach by American Capital Strategies, Ltd.
Monday June 23, 1:08 pm ET
Merisel, Inc. Commences Litigation to Recover Reverse Termination Fee Under Merger Agreement
NEW YORK, NY--(MARKET WIRE)--Jun 23, 2008 -- Merisel, Inc. (Other OTC:MSEL.PK - News) ("Merisel") announced today that it has terminated the Merger Agreement between it and TU Holdings, Inc. and TU Merger, Inc. (acquisition vehicles formed by American Capital Strategies, Ltd. (collectively, "ACAS")) in accordance with its terms and has filed a lawsuit in the Delaware Court of Chancery against ACAS to recover the $3.5 million reverse termination fee required to be paid by ACAS under the Merger Agreement.
As previously announced, on June 9, 2008, Merisel received a letter from ACAS, purportedly terminating the Merger Agreement. Merisel believes that ACAS had no basis to terminate the Merger Agreement and, by doing so, materially breached its obligations thereunder. As a result of ACAS's material breach of the Merger Agreement, on June 20, 2008, Merisel terminated the Merger Agreement and demanded payment of the reverse termination fee pursuant to the terms of the Merger Agreement.
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