L-1 Identity extends subsequent offer for Digimarc

By Lisa Kerner

Charlotte, N.C., Aug. 11 - L-1 Identity Solutions, Inc. said it extended the subsequent offering period for shares of Digimarc Corp. to 5 p.m. ET on Aug. 13 from Aug. 8.

The extension gives Digimarc stockholders who have not yet tendered their shares the opportunity to obtain the offer price of $12.25 per share.

Digimarc stockholders have tendered, and L-1 has accepted for payment, a total of 21,893,114 shares, or 88%, of Digimarc's outstanding common stock, according to an L-1 news release.

L-1 seeks to acquire 90% of Digimarc's shares, either through the subsequent offering period or by exercising its right to purchase additional shares directly from Digimarc, in order to effect a short-form merger under Delaware law.

In July, L-1 and Digimarc amended their previously announced merger agreement to give Digimarc shareholders $12.25 per share.

Under the amended agreement, Digimarc stockholders will receive shares in DMRC Corp., which will hold Digimarc's digital watermarking business, and Digimarc's cash as of the completion of the transaction, it was previously reported.

Digimarc said in a prior statement that it contributed all of the assets and liabilities related to its digital watermarking business, together with all of Digimarc's cash, to DMRC LLC, to effectively spin off the watermarking business prior to the expiration of L-1's initial tender offer.

DMRC was subsequently merged with and into DMRC Corp., Digimarc noted.

L-1 agreed in June to acquire Digimarc's ID systems business for $310 million in cash, up from L-1's original stock and cash offer of $250 million.

L-1's identity solutions are designed to protect personal privacy. The company is based in Stamford, Conn.

Digimarc is a secure identity solutions provider based in Beaverton, Ore.

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