Cross Shore shareholders reject waiver to determine value of exchange shares |
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Published
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Wed, 29 Aug 2007 15:59
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LONDON (Thomson Financial) - Cross Shore Acquistion Corporation said its shareholders have rejected the proposal to waive a requirement to determine the value of exchange shares as part of the merger process with Research Pharmaceutical Services Inc.Cross Shore said it hopes to obtain the necessary valuation as part of the completion process.The company said the first four resolutions proposed at its adjourned special AGM on Aug 28 for the reverse takeover of ReSearch Pharmaceutical and the change of the company's name to Research Pharmaceutical Services Inc were however approved.The company revised the terms of the Research Pharmaceutical on July 9 to pay only 20.0 mln usd in cash, down from 39.1 mln previously agreed, while the number of shares to be issued as part of the deal was increased to 15.76 mln from 12.55 mlnThe acquisition, including the satisfaction of the valuation opinion condition, is expected to be completed by Aug 30.TFN.newsdesk@thomson.comvsr/vlbCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Cross Shore adjourns SGM to Aug 9; extends warrant tender offer to Aug 8 