Meade's Board Recommends Shareholders Reject Unsolicited Tender Offer of MIT Capital
Meade Instruments (NASDAQ: MEAD) today announced that its Board of Directors, after careful consideration with its outside legal counsel, recommends that Meade's stockholders reject the offer (the "MITC Offer") of VictoryOne Inc. ("Purchaser"), a wholly-owned subsidiary of MIT Capital Inc. ("MITC"), to acquire all of the outstanding shares of Meade's common stock for $3.65 per share in cash and not tender their shares of common stock to Purchaser pursuant to the MITC Offer. The basis for the Board's recommendation is set forth in Meade's Schedule 14D-9 filed today with the Securities and Exchange Commission.
At this time, the Board reaffirms its recommendation that Meade's stockholders vote in favor of the adoption of the merger agreement with JOC North America LLC ("JOC") that is described in the Current Report on Form 8-K that Meade filed with the Securities and Exchange Commission on May 17, 2013. Under the merger agreement with JOC, JOC will acquire all of the outstanding shares of Meade's common stock for cash consideration of $3.45 per share.