IRVINE, Calif., June 24, 2013 (GLOBE NEWSWIRE) -- Meade Instruments Corp. (Nasdaq:MEAD) ("Meade" or the "Company"), a designer and manufacturer of telescopes and accessories for amateur astronomers, today confirmed that VictoryOne, Inc. ("Victory One"), a Delaware corporation and a wholly-owned subsidiary of MIT Capital Inc., a California corporation, has commenced a cash tender offer to acquire all of outstanding shares of common stock, par value $0.01 per share ("Shares"), of Meade, for $3.65 per Share.
The tender offer is under consideration by the members of the Board of Directors of Meade (the "Board"). The Board is consulting with its legal and financial advisors to assist it in its consideration and evaluation of the tender offer.
On or before July 8, 2013 (the tenth business day from commencement of the offer as required by the tender offer rules), Meade intends to file with the United States Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9 stating whether the Board recommends acceptance or rejection of the tender offer, expresses no opinion and remains neutral toward the tender offer, or is unable to take a position with respect to the tender offer, as well as setting forth the Board's reasons than as for its position with respect to the tender offer. Accordingly, Meade stockholders are urged to defer making any determination whether to accept or reject such tender offer until they have been advised of the Board's position with respect to the tender offer.
CONTACT: John Elwood, CFO 27 Hubble Irvine, CA 92618 Phone: (949) 451-1450 Fax: (949) 451-1460
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