Minneapolis, Minn., Nov. 18, 1999 Minnesota American, Inc. and CorVu Corporation announced that they have signed a definitive Merger Agreement, effective November 17, 1999.
The merger agreement provides for Minnesota American to issue 1.125 shares of its common stock for each share of CorVu common stock, creating a post- merger equity division between the two companies of approximately 25 percent / 75 percent respectively. Terms of the agreement include provisions for the resignation of current Minnesota American board members and corporate officers, election of new directors (to include two directors from Minnesota American), a change of the corporate name to CorVu Corporation and the sale or other disposition of Minnesota American’s two subsidiaries, Lockermate and Favorite Memories, for a designed minimum net amount of cash and cash equivalents. The merger is expected to close in the fourth quarter of 1999, subject to approval of Minnesota American and CorVu shareholders.
According to Justin Macintosh, president and CEO of CorVu Corporation, “This reverse merger with Minnesota American delivers an enormous win for both companies. CorVu accelerates and controls the process of becoming a public entity as well as raising additional capital for our continued expansion. Shareholders in Minnesota American receive the benefit of becoming stakeholders in an established, innovative, and rapidly growing global software corporation.”
Additional information can be found on the Web at www.corvu.com.
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