Another Proposal $24.35Could get interesting tomorrow. Sometimes worth hanging in there rather than quickly selling:
SHENZHEN, China, Sept. 06, 2017 (GLOBE NEWSWIRE) -- Shenzhen Kaizhong Precision Technology Co. Ltd. (“Kaizhong” 002823.SZ) is pleased to announce that it has made a binding superior proposal (the “Superior Proposal”) to acquire all of the issued and outstanding shares of Pacific Insight Electronics Corp. (TSX:PIH) (“Pacific Insight”) for cash consideration of $24.35. The Superior Proposal ascribes a value to Pacific Insight of $189.5 million on a fully diluted basis, which represents a 31.6% premium to the price offered by Methode Electronics, Inc. (“Methode”) pursuant to the transaction contemplated by the arrangement agreement (the “Methode Agreement”) dated August 1, 2017 (the “Methode Transaction”), and a 131.9% premium to Pacific Insight’s share price on the Toronto Stock Exchange on July 31, 2017, the trading day immediately prior to the announcement of the Methode Transaction.