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Ballantyne Strong Inc Announces Completion Of Acquisition-Form 8-K

Thursday, 3 Oct 2013 09:02am EDT 

Ballantyne Strong Inc (Ballantyne) reported in its Form 8-K that On October 1, 2013, Ballantyne consummated the Acquisition of Convergent in accordance with the terms and conditions of the Purchase Agreement. At the closing of the Acquisition, Ballantyne paid Sony a total of $17.4 million, which was the purchase price for Convergent of $16 million as adjusted for CMS’s cash on hand in Canada and as further adjusted for a working capital variance based upon CMS’s targeted working capital. The purchase price is subject to further adjustment pursuant to a final working capital adjustment, which will be calculated within 90 days following the closing date. Settlement of the final working capital adjustment will occur within three days of the final working capital being agreed upon by both parties. Ballantyne financed the acquisition by using available cash on hand. 

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