Electronics Production |
JPMorgan offer backed by Technicolor
Technicolor's board has backed a deal offered by JPMorgan, while rejecting a rival deal by Investor Vector Capital Corp. JPMorgan would take up to 29.96 percent of Technicolor if the deal is agreed upon.
The deal would provide for a fully-negotiated 30-month agreement with regard to the governance of the Technicolor, and according to the a statement by the board, would provide key support towards achieving the strategic goals outlined in Technicolor’s Amplify 2015 strategic plan.
The proceeds from the capital increase from the JPMorgan deal would amount to up to 158 million euro.
Investor Vector Capital also offered to boost its Technicolor holding from 0.6 percent to as much as 30 percent through a capital increase, however the board said this offer would only be considered if shareholders rejected the JP Morgan plan at the June 20 annual general meeting.
