Fotoball USA Inc. has received a non-cash offer from a third party for the acquisition of the outstanding shares of Fotoball common stock at a price in excess of their current market price.
The third party is the same party that submitted an unsolicited non-cash preliminary indication of interest announced by the company last week. The offer is subject to confirmatory due diligence, negotiation of a definitive agreement, receipt of necessary consents and approvals, the absence of any material adverse change in Fotoball's business, and the approval of Fotoball's stockholders and the boards of both parties.
In connection with its receipt of the offer, the company also announced the formation of a special committee comprised solely of independent directors to review the offer. The special committee has hired the investment banking firm of Imperial Capital LLC to provide financial advisory services to it in connection with its review.
There can be no assurance that the transaction contemplated by the offer will occur or, if it occurs, as to the structure or terms of such transaction. Fotoball also announced that, in light of the offer, it has determined to suspend at this time its previously announced stock buyback plan.
