IDEX Corporation Extends Subsequent Offering Period for Shares of Microfluidics International Corporationadmin
IDEX Corporation today announced that its wholly-owned subsidiary, Nano Merger Sub, Inc., has extended the subsequent offering period for its tender offer to acquire all of the remaining untendered and outstanding shares of common stock of Microfluidics International Corporation. The subsequent offering period has been extended until 5:00 p.m., New York City time, on Thursday, March 10, 2011.
The depositary for the tender offer has advised IDEX that, as of 5:00 p.m., New York City time, on March 3, 2011, a total of 7,410,530 shares have been validly tendered and not properly withdrawn during the initial offering period and the subsequent offering period, representing approximately 71.05 percent of Microfluidics’ issued and outstanding shares. Pursuant to the terms of the tender offer, Nano Merger Sub, Inc. has accepted for payment all shares validly tendered and not properly withdrawn during the initial offering period and all shares validly tendered during the subsequent offering period, and the consideration for all such shares either has been paid or promptly will be paid.
During the subsequent offering period (as extended), any shares validly tendered (which were not previously accepted for payment in the initial offering period or the subsequent offering period) will be accepted immediately for payment, and tendering stockholders will thereafter promptly be paid $1.35 in cash for each share of Microfluidics’ common stock tendered, without interest but subject to any applicable tax withholding. This is the same amount per share that was offered and paid in the initial offering period.
Procedures for tendering shares during the subsequent offering period are the same as during the initial offering period with two exceptions: (1) stockholders will not be permitted to tender shares by means of guaranteed delivery and (2) pursuant to Rule 14d-7(a)(2) under the Securities Exchange Act of 1934, as amended, shares tendered during the subsequent offering period may not be withdrawn. In addition, shares tendered during the initial offering period and previously accepted for payment may not be withdrawn during the subsequent offering period. IDEX and Nano Merger Sub, Inc. reserve the right to further extend the subsequent offering period in accordance with applicable law, although they have no current intention to do so.