Meade, Buyer Agree to Higher PriceThursday, August 8, 2013
Irvine-based telescope maker Meade Instruments Corp. and its prospective buyer agreed to increase its sale price by about $380,000, to $5.9 million.
Meade’s stock was up about 2% in afternoon trading Thursday to a market value of $5.33 million.
Meade agreed last month to sell all outstanding shares of its common stock to Sunny Optics Inc., part of Ningbo Sunny Electronic Co. in Zhejiang, China. The initial price was $4.21 per share, amounting to $5.5 million overall. The parties agreed to increase the per-share price to $4.50, according to a document filed with the Securities and Exchange Commission.
Meade and Sunny also changed the termination fee from $250,000 to $325,000.