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Bio-Imaging Technologies, Inc.
Bio-Imaging Technologies and etrials Worldwide Merger Agreement Terminated
June 20th, 2009
Bio-Imaging Technologies, Inc. (NASDAQ: BITI) (d/b/a "BioClinica”) announces that, in response to another unsolicited offer received by etrials Worldwide, Inc. (NASDAQ: ETWC) (“etrials”) from an unrelated third party, etrials has informed Bio-Imaging that its board of directors has deemed the unsolicited offer a superior proposal, as defined in the merger agreement between the parties, and has entered into a merger agreement with such unrelated third party. In connection with the termination of the Bio-Imaging merger agreement, etrials is obligated to pay to Bio-Imaging a termination fee of $500,000 and reimburse Bio-Imaging for reasonable out of pocket expenses up to $250,000 on or before...
Source: Law & Health Weekly (2009-06-20)
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