DG FastChannel Offers Swap For Remaining Point.360 Shares
June 27, 2007 at 12:48 PM (PT)
DG FASTCHANNEL INC. has commenced an exchange offer for all remaining shares of POINT.360 common stock it or POINT.360 does not already own. DG announced in APRIL that it is merging with POINT.360, a video ad distribution company, in a deal that spun off POINT.360's post-production operations to its shareholders and saw POINT.360's ad distribution operations merge into DG's operation.
In the exchange offer, DG will swap approximately 0.1895 shares of its own stock for each POINT.360 share. POINT.360's board has unanimously recommended to its shareholders that they accept the offer, which expires THURSDAY night at midnight ET.