Meade Instruments Board Asks Stockholders To Reject Offer Of MIT Capital

(RTTNews) - The Board of telescope maker Meade Instruments Corp. (MEAD) Friday urged its stockholders to reject the tender offer of VictoryOne Inc., a unit of MIT Capital Inc., to acquire all of the outstanding shares of Meade common stock for $3.65 per share in cash.

The Board reaffirmed its recommendation that Meade stockholders vote in favor of a merger deal with JOC North America LLC, which agreed to acquire Meade for $3.45 per share in cash.

Reasons the Board cited against the tender offer of MIT Capital offer include

- The deal with JOC is a binding, negotiated commitment, and Meade's failure to reject the MITC Offer and/or failure to reaffirm the deal with JOC, would give JOC the ability to terminate the deal, with no assurance that MITC would complete its offer.