Laser Precision Says 90% of Stock Tendered in Danish Merger Deal
SAN JUAN CAPISTRANO —
Laser Precision Corp. said Monday that 90.1% of its common stock has been tendered in an acquisition offer by GN Great Nordic Ltd.
Two-thirds of Laser Precision’s stock had to be tendered, at a price of $8 a share, by Dec. 2 for the merger to be finalized. At that price, the merger would be worth an estimated $38 million.
The company would not comment on the deal or on a lawsuit filed in Orange County Superior Court Nov. 10 by shareholder Joseph J. Nicholas. In the suit, Nicholas alleges that Laser Precision’s board did not act in the interest of the shareholders when it entered acquisition talks with the Danish telecommunications company.
In Monday’s Nasdaq trading, Laser Precision’s stock closed at $7.75 a share, down 6 cents.
