Meade Instruments Corp.
MEAD ("Meade"), (est. 1972) one of the world's largest designers and
manufacturers of telescopes and accessories for amateur astronomers, announces
the termination of its previously announced Agreement and Plan of Merger with
JOC North America LLC and JOCNA Inc., collectively ("JOC"), which was
announced May 17, 2013, and the execution of a new Agreement and Plan of
Merger with Sunny Optics, Inc. ("SOI") and Sunny Optics Merger Sub, Inc., a
wholly-owned subsidiary of SOI, both of which are affiliates of Ningbo Sunny
Electronic Co., Ltd., collectively ("Sunny") for $4.21 per share or
approximately $5.5 million for all shares.
As required by its merger agreement with JOC, Meade paid a $250,000
termination fee to JOCNA Inc. which Meade borrowed from Sunny in connection
with the execution of their merger agreement.
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