|By PR Newswire||
|November 7, 2012 02:20 PM EST|
ROYAL OAK, Mich., Nov. 7, 2012 /PRNewswire/ -- Bonal International, Inc.'s (OTC: BONL) Board of Directors received an amendment to the Letter of Intent of September 27, 2012 with DePierre Management and Manufacturing, LLC. The amendment alters the structure of the proposed transaction from a stock purchaser to a merger, which would therefore include all of the company's stockholders in the transaction.
At a special meeting the Board of Directors approved the amendment. The amendment was executed on November 6, 2012.
A definitive "Agreement and Plan of Merger" will be prepared. If mutually acceptable to the Company, its stockholders, and the purchaser, the Board of Directors currently contemplates that it will approve the Agreement and Plan of Merger.
Once approved by the Board of Directors, a Special stockholder's meeting will be called for the purpose of voting on the Agreement and Plan of Merger. The Board of Directors currently expects that the meeting will be held in December. A notice of meeting will be sent to stockholders once the Board of Directors approves the Agreement and Plan of Merger.
SOURCE Bonal International, Inc.
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