To: Glenn Petersen who wrote (2037 ) 5/20/2009 1:31:42 PM From: Glenn Petersen Read Replies (1) | Respond to Bio-Imaging Technologies (stock symbol: [t]BITI[/t]) has increased its offer for etrials Worldwide (stock symbol: [t]ETWC[/t]):Bio-Imaging Technologies Increases Its Offer to Acquire etrials Worldwide in response to an unsolicited offer received by etrials from an unrelated third party, the parties have executed an amended merger agreement, increasing the value of the offer. The proposed acquisition is expected to be consummated through a tender offer for all of the outstanding shares of etrials stock. For each share of etrials stock, shareholders will receive 0.124 shares of newly issued Bio-Imaging common stock, 0.076 shares of newly issued Bio-Imaging preferred stock, and $0.62 in cash, which equates to a value of $1.35 per share for etrials. (The $1.35 price for stockholders of etrials is calculated by using the 20-trading day volume weighted average price of Bio-Imaging common stock, which is approximately $3.68 per share.) This compares with the original proposed agreement which equated to a per share value of $0.9068 , which was comprised of the same amount of common and preferred stock, but increased the cash portion from $0.15 in cash per share to $0.62 in cash per share. Stockholders owning approximately 33% of etrials outstanding shares have already agreed to tender their shares, and if needed, vote in favor of the approval of the merger agreement. Subject to customary closing conditions, and assuming a majority of etrials shares will be tendered pursuant to the tender offer, the tender offer is expected to expire on or about June 20, 2009.finance.yahoo.com
