CTC Media Completes Cash-Out Merger
CTC Media, Inc. (NASDAQ: CTCM) revealed the completion of the merger contemplated by the previously disclosed agreement and plan of merger between the Company and CTCM Merger Sub, Inc., its wholly-owned subsidiary. According to the company, as a result of the merger, the Merger Sub has merged with and into the Company.
The company indicated that under the terms of the Merger deal, each of the Company's shares of common stock issued, as well as outstanding immediately before the effective time of the merger was cancelled and ceased to exist in exchange for the right to get $2.0503 in cash without interest.
CTC Media said that about $238.97 million was available for distribution. The company indicated that the per share cash consideration was based on the aggregate amount of its available cash less a cash reserve of $8.8 million, which was determined by its Board to be reasonably likely to be sufficient for the Company to satisfy any liabilities and obligations.
The Company indicated that the common stock ceased to trade on the Nasdaq on May 19, 2016. Stockholders entitled to merger consideration would get payment of such merger consideration as soon as practicable after the merger consideration is received by Computershare, its paying agent.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.