SALEM, N.H., Aug. 27, 2008 – StockerYale’s cash bid for Virtek Vision International Inc. has been rejected for the third time this year after the minimum 66.6 percent of shares were not tendered. The bid expired at 11:59 p.m. (Toronto time) on Aug. 25, 2008.
Because the condition was not satisfied, StockerYale, maker of structured light lasers, LED modules and specialty optical fibers, has rendered the takeover unsuccessful. Any shares tendered to the bid will be returned to Virtek shareholders.
Virtek Vision, based in Waterloo Ontario, and maker of laser engraving, templating and inspection products, has previously cited StockerYale’s financial condition among the reasons why they considered the buyout to be a poor investment for Virtek’s stockholders. (See: StockerYale Begins Takeover)
For more information, visit: www.stockeryale.com