Tuesday, September 24, 2013

BVI company shareholders approved time extension for business combination

Last week, BGS Acquisition Corp., the BVI-incorporated company that had entered into merger agreement with Black Diamond Holdings LLC, announced the  results of its shareholder meeting, which was held on September 13, 2013.

BVI company’s shareholders approved an amendment to the Memorandum and Articles of Association, extending the date of completing the business combination with TransnetYX Holding from September 26, 2013 to November 26, 2013. The extension was previously approved by the Board of Directors of BGS Acquisition.

Cesar Baez, BGS Acquisition’s President and Chief Executive Officer, said in his comments, "We are pleased that shareholders granted us additional time to consummate our intended initial business combination with TransnetYX Holding Corp."

The Extension Tender Offer commenced on August 23, 2013 and will expire on September 23, 2013.  The tender offer to be issued in connection with the consummation of the proposed business combination with TransnetYX Holding Corp. has not yet commenced.