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Synbiotics (SBIO) Obtains Shareholder Approval To Go Private
10/20/2005 2:14:32 PM
SAN DIEGO--(BUSINESS WIRE)--Oct. 20, 2005--Synbiotics Corporation (Pink Sheets:SBIO) today announced that its shareholders have approved Synbiotics' previously announced transaction to "go private." Specifically, the shareholders approved a 1-for-2,000 reverse split of its common stock, with a payment in lieu of issuing fractional shares, followed by a 2,000-for-1 forward split of its common stock. The cash payment in lieu of fractional shares will be at the rate of $0.13 per pre-reverse split share traceable to the fractional shares. Synbiotics' Board of Directors has determined that the reverse split will be effective on October 29, 2005, and the forward split will be effective on October 30, 2005, for shareholders of record as of the close of business on October 28, 2005.
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