Its has increased its $1.04 a share offer by 13.5% to $1.18 a share, making its bid worth $34m. The increase was sufficient to persuade the board, on a three to one vote, to accept the deal. Rohnert Park, California-based Next Level has described Motorola’s original bid as inadequate and claimed that it did not recognize Next Level’s long-term potential.
Motorola had appeared to be losing patience with the company, and last week challenged it to reveal details of potential third-party financing that it claimed to have arranged. Motorola said it was the only viable solution for Next Level’s difficulties.
Source: Computerwire
