Andromeda Acquisition Corp. has extended the offering period of its offer to buy all the outstanding shares of common stock in US dairy firm Galaxy Nutritional Foods.
The subsequent offering period, previously set to expire on 21 May, will now expire on 28 May, Andromeda announced today (22 May).
Based upon a preliminary tally by Continental Stock Transfer & Trust Company, the depositary for the tender offer, around 9.8 million shares had been validly tendered by close yesterday.
Combined with the shares already owned, the shares total around 89.3% of the company’s outstanding common stock.
Any shares validly tendered during the subsequent offering period will be immediately accepted for payment, and tendering shareholders will be paid $0.36 per share, in cash and without interest.