Image Acquisition Back On12 Feb, 2009 By: Erik Gruenwedel
Image Entertainment Feb. 12 said it received the final $1.3 million installment of a $1.8 million business interruption fee, indicating the planned $100 million cash acquisition by Nyx Acquisitions will go through, pending shareholder approval.
The deal appeared in doubt last month when San Francisco-based Nyx failed to deliver the $1.3 million payment by a Jan. 20 deadline.
Nyx, a subsidiary of Q Black Media based and headed by co-founder and CEO Joe Bretz, made an initial deposit of $500,000 into a trust account as a down payment of the business interruption fee last year.
“In connection with the delivery of the additional [fee], Nyx and its principals provided assurances to Image that [it] is fully capable and committed to closing the merger,” said an Image spokesperson.
The deal is expected to close Feb. 26.
Image will release fiscal 2009 third-quarter (ended Dec. 30, 2008) results later today, in which revenue should exceed $38 million, up 39%, or $10.7 million, from the previous-year period.