Technicolor Board Backs JP Morgan Offer, Opposes Vector's Offer
30 May 2012 - 4:15PM
Dow Jones News
The board of Technicolor (TCH.FR), a troubled French cinema
production services provider and manufacturer of television set-top
boxes, on Wednesday recommended that shareholders approve a cash
injection offered by JP Morgan Chase & Co. (JPM) and reject a
rival offer made by U.S. investment fund Vector Capital Group.
The board said JP Morgan's offer to increase the capital of
Technicolor by EUR158 million has more potential to create value in
the long run than the EUR186 million offer from Vector.
Shareholders of Technicolor are due to meet on June 20 to
discuss the offers.
Technicolor would use the proceeds of a capital increase to
reduce its debt and implement a strategy plan to boost its business
abroad.
-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740;
inti.landauro@dowjones.com
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