Intelident Solutions Proposes to Acquire Zila for $0.42 per share in Cash
July 07 2009 - 8:16PM
PR Newswire (US)
Acquisition Merges Two Leading Dental Companies Dedicated to
Advancing Oral Health Through Disease Prevention & Detection
Provides Opportunity for Zila Shareholders to Realize Significantly
Greater Value than Current, Competing Offer From TOLMAR Holding,
Inc. TAMPA, Fla., July 7 /PRNewswire/ -- Intelident Solutions, Inc.
("Intelident") today announced that it has submitted a proposal to
the Board of Directors of Zila, Inc. (NASDAQ:ZILA) to acquire all
of the common stock of Zila for $0.42 per share, and the preferred
stock for $0.48 per share, or a total of approximately $4.4
million. The proposal represents a premium for common stockholders
of more than $418,000, or 10.5%, over the agreement with TOLMAR
Holding, Inc. ("Tolmar"), and a premium of 31.3% over Zila's
closing common stock price on June 24, 2009. The proposal would
also include the purchase of the preferred shares of Zila at a
premium of 9.1% over Tolmar's proposal. "The proposed transaction
will create a major dental company in the United States, combining
Intelident's leadership in dental practice management with Zila's
strength and experience in the prevention, detection, and treatment
of oral cancer and periodontal disease," said Intelident CEO Thomas
Marler. "This partnership will allow us to introduce a number of
new and innovative products while accelerating the growth of the
combined enterprise." Marler continued, "The proposed transaction
allows Zila's employees to join a company that is dedicated to
advancements in oral care and disease prevention and has a well
established reputation in the industry. As one of Zila's largest
customers with a unique position as one of the largest dental
practice management companies in the United States, we believe we
can bring substantial strategic and tactical insight to expanding
the sales of Zila's core product lines." Intelident anticipates the
transaction will close in September if its proposal is accepted.
About Intelident Solutions, Inc. Intelident Solutions is a
privately-held company dedicated to advancing the practice of
dentistry through innovation and technology. It is the parent
company of several dentistry-related enterprises. The company is
headquartered in Tampa, Florida. Important Information This press
release does not constitute an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or
approval. This press release relates to a business combination
transaction with Zila proposed by Intelident, which may become the
subject of a registration statement filed with the Securities and
Exchange Commission (the "SEC"). This material is not a substitute
for the prospectus/proxy statement Intelident would file with the
SEC regarding the proposed transaction if such a negotiated
transaction with Zila is reached or for any other document which
Intelident may file with the SEC and send to Zila stockholders in
connection with the proposed transaction. INVESTORS AND SECURITY
HOLDERS OF ZILA ARE URGED TO READ ANY SUCH DOCUMENTS FILED WITH THE
SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. Such documents would be available free of charge
through the website maintained by the SEC at http://www.sec.gov/,
by calling the SEC at telephone number 800-SEC-0330. All
information in this press release concerning Zila, including its
business, operations and financial results, was obtained from
public sources. While Intelident has no knowledge that any such
information is inaccurate or incomplete, Intelident has not had the
opportunity to verify any of that information. DATASOURCE:
Intelident Solutions, Inc. CONTACT: Lauren Key, Vice President,
Marketing, Intelident Solutions, Inc., +1-866-823-8601 Web Site:
http://www.intelidentsolutions.com/
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