Business
JUPITER ACQUISITION LTD. SIGNS LETTER AGREEMENT TO PURCHASE OUTSTANDING GENESIS SHARES AT $5.80 PER SHARE
Apr. 7, 2011 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR F...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n Apr. 7, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES OF AMERICA./\n\n\nCALGARY, April 7 /CNW/ - Genesis Land Development Corp. ("Genesis") is\n pleased to announce that Genesis has entered into a Letter Agreement\n (the "Letter Agreement"), dated April 5, 2011 with Jupiter Acquisition\n Ltd. ("Jupiter") whereby Jupiter proposes to acquire all of the issued\n and outstanding common shares of Genesis and all common shares issuable\n upon the exercise of currently outstanding stock options at a price of\n $5.80 per common share (the "Proposed Transaction").  The Proposed\n Transaction is arm's length in nature and is subject to a number of\n conditions including but not limited to Jupiter arranging for\n satisfactory financing to complete the transaction, Jupiter's due\n diligence review, negotiation of a definitive agreement and the receipt\n of all applicable regulatory approvals.  Subject to satisfying various\n conditions and entering into a definitive agreement before June 7,\n 2011, the parties intend to close the Proposed Transaction on or before\n August 12, 2011.\n\n\nGenesis has agreed that subject to the fiduciary duty of the Genesis\n Board Of Directors that it will not solicit competing offers during the\n term of the agreement.  Genesis has agreed to pay Jupiter a termination\n fee in the amount of $500,000 in ce...