On November 30, Liard (300296) issued a notice stating that on August 13, 2015, Liard signed a "merger agreement" with Planar Systems, Inc., stipulating that the company will be newly established in the US state of Oregon through the Liard United States. The wholly-owned subsidiary of this major asset purchase, Liard Oregon and PLANAR, merged the company in accordance with the relevant US laws, and purchased all of PLANAR's issued shares in cash in accordance with the terms and conditions stipulated in the signed “Merger Agreementâ€. Ordinary shares (also automatically canceled at the same time no longer exist), that is, on the effective date of this transaction, Liard Oregon is merged into PLANAR and the independent company is terminated. PLANAR will be the merged company and become Liard. A wholly owned subsidiary of the United States continues to exist.
Upon completion of this merger, PLANAR's common stock will be delisted from NASDAQ and will be deregistered under the US Securities Exchange Act.
For this transaction, the purchase price of each common stock of PLANAR is US$6.58, and the total purchase price is expected to be approximately US$156.8 million. The company and Liard USA will raise funds in accordance with the law to pay the entire purchase price in US dollars in cash.
On November 28, 2015 (US time November 27, 2015), the above company merger transaction was completed and filed with the Oregon Secretary of State. The company merger took effect on the same day. PLANAR Company as a surviving company has been On the same day, it became a wholly-owned subsidiary of the company's wholly-owned subsidiary, Liard USA, and completed the registration of Liard Oregon on the same day. The follow-up measures for the company's merger transactions are currently being implemented in accordance with the terms of the Merger Agreement.
Liard was founded in 1995 and rewrote the global landscape of the LED industry. Its LED small-pitch TV has reached the top in the world in terms of technical capabilities, scale and market share. The small-pitch LED display refers to the LED display with LED dot spacing below P2.5, which is greatly improved compared with the traditional LED display resolution.
According to the data, Liard has acquired 5 domestic companies including Internet Yida, Jinda Lighting, Lifeng Culture, Jinlixiang and Pineng Optoelectronics. In the international market, the company has signed an agreement to acquire a 100% stake in PLANAR, a NASDAQ listed company in the United States, and a $121 million investment in Indian LED display manufacturer MIC.
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