BTP Acquisition Company, the group led by Capitol Films and THINKfilm owner Bergstein, had already elected to keep Image a publicly traded company with a NASDAQ listing. Now Image stockholders will receive the same aggregate cash consideration as under the original merger agreement, but also will retain between 5% and 9% of their common shares in the post-transaction company.
For example, a stockholder owning 100 shares of Image common stock who would have received $440 in cash under the original merger agreement will now receive $440 in cash for 94 shares (ie $4.68 per share) and also retain 6 common shares in the merged company.
Completion of the amended transaction is subject to regulatory review and stockholder approval. The transaction is currently expected to close by September 30, 2007.
California-based Image has approximately 3,000 exclusive DVD titles and 250 exclusive CD titles in domestic release and approximately 450 programmes internationally via sublicense agreements.