Zila (ZILA) Merger Agreement with TOLMAR Inc. Amended to Reflect Higher Stock Price
7/29/2009 9:49:41 AM
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Zila, Inc. (Nasdaq: ZILA) today announced that its definitive merger agreement with Tolmar Holding, Inc., a privately held, pharmaceutical research, development, manufacturing and commercial operations company, has been amended today to reflect a higher price per share. Under the terms of the revised agreement, Tolmar will acquire, for cash, all of Zila’s common stock for $0.45 per share and preferred stock for $0.50 per share. Zila’s Board of Directors encouraged Tolmar to increase its offer from $0.38 per share of common stock to clearly demonstrate the superiority of its offer over another offer that was contingent upon acquiring Zila’s debt. The proposed merger transaction is subject to customary closing conditions, including approval by Zila’s stockholders, but is not subject to any financing contingency and is no longer dependent upon Tolmar acquiring Zila’s debt.