Saturday, July 11, 2009

Zila Board Finds the Intelident Proposal Not Superior to Tolmar Offer

Interesting news on Zila, maker of ViziLite:

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Zila, Inc. (Nasdaq:ZILA) today announced that its Board of Directors has carefully reviewed a non-binding contingent proposal submitted by Intelident Solutions Inc. (Intelident) to Zila on July 7, 2009 to acquire all of Zila’s common stock for $0.42 per share. The Board concluded that the Intelident proposal is not superior to Zila’s existing agreement to be acquired by Tolmar Holding, Inc. (Tolmar).

As previously announced on June 25, 2009, Zila entered into a definitive merger agreement with Tolmar. Under terms of the agreement, Tolmar agreed to acquire all of the outstanding shares of common stock of Zila for a cash purchase price of $0.38 per share, representing an approximate premium of 18% over the closing price of Zila’s shares on June 24, 2009. Total consideration paid by Tolmar includes the purchase of Zila’s existing $12 million senior secured convertible debt from the note holders for $5 million pursuant to a Note Purchase Agreement entered into by Tolmar and the note holders.

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