LeapFrog Remains Committed To VTech Merger, Says No Superior Proposals Received
LeapFrog Enterprises, Inc. (NYSE: LF), a developer of educational entertainment for children, agreed in early February to sell itself to Vtech Holdings Ltd (ADR) (OTC: VTKLY) for $1.00 per share.
LeapFrog received another offer from L&M Acquisitions on March 28, but the company's board of directors concluded the offer "did not constitute a Superior Proposal."
On Wednesday, LeapFrog confirmed its commitment to be acquired by VTech for $1.00 per share. In a letter to investors, the company's board of directors stated that the offer "provides stockholders with the greatest value available."
LeapFrog added that it has not received any offers or proposals other than the offer from L&M Acquisitions and doesn't expect to receive any new bids.
"We believe it is in the best interest of all stockholders to tender their shares in support of the VTech merger and allow the transaction to close as soon as possible," said Bill Chiasson, chairman of LeapFrog's board of directors.
Shares of LeapFrog were trading at $0.995 throughout most of Thursday's morning trading session.
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