Meade Terminates JOC Merger Deal, Signs New Deal With Ningbo Sunny

(RTTNews) - Meade Instruments Corp. (MEAD) Tuesday announced termination of its merger agreement with JOC North America LLC and JOCNA Inc., announced earlier on May 17.

The company has entered into a new merger agreement with Sunny Optics, Inc. and Sunny Optics Merger Sub, Inc., both of which are affiliates of Ningbo Sunny Electronic Co., Ltd., for approximately $5.5 million, or $4.21 per share.

As required by its merger agreement with JOC, Meade paid a $250 thousand termination fee to JOCNA Inc. which Meade borrowed from Sunny in connection with the execution of their merger agreement.