M*Modal and One Equity Partners extend acquisition offer, enter MOU

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M*Modal and One Equity Partners have announced that in connection with the previously announced merger, Legend Acquisition Sub (an affiliate of OEP) has extended the expiration of its tender offer to acquire all outstanding shares of common stock of M*Modal for $14.00 per share, to 11:59 pm EST, on Aug. 14.

The tender offer was previously scheduled to expire at 11:59 pm EST on Aug. 13. All other terms and conditions of the tender offer remain unchanged.

As of Aug. 7, more than 18.67 million shares of common stock of M*Modal had been validly tendered and not withdrawn pursuant to the tender offer, according to M*Modal.

M*Modal and OEP have entered into a memorandum of understanding (MOU) in connection with class action lawsuits related to the proposed acquisition by OEP. In addition to the extension of the offer, the MOU releases financial sponsors, except OEP affiliates, from standstill agreements related to buyout talks earlier in 2012.