A San Jose-based competitor has jumped into the bidding for Irvine-based Meade Instruments Corp.
MIT Capital Inc. last week proposed to acquire all of Meade’s outstanding common stock for $3.65 per share, or roughly $4.2 million, according to regulatory filings.
The cash bid represents a 20-cent per share premium from the price offered last month by the North American unit of Jinghua Optics & Electronics Co., which Meade’s board has recommended.
Meade designs and manufactures telescopes, binoculars and microscopes for the consumer market.
MIT and its subsidiaries make, sell and distribute laser and optics products.
MIT Chief Executive Jason Tian said the combination of Meade and MIT would revive the Meade brand by creating new markets in emerging countries.
Meade lost about $1.4 million on $21.5 million in revenues in its last fiscal year, which ended in February.
—Chris Casacchia
