Magazine article Art Business News

Kinkade Completes Acquisition of Media Arts Group

Magazine article Art Business News

Kinkade Completes Acquisition of Media Arts Group

Article excerpt

MORGAN HILL, Calif. -- Media Arts Group Inc. announced in January that its stockholders approved and adopted an agreement and plan of merger among Media Arts Group, The Thomas Kinkade Company (formerly known as Main Street Acquisition Company Inc.), a Delaware corporation ("Mergerco") and artist Thomas Kinkade. As a result of the merger, the entire equity interest in Media Arts Group is now owned by Kinkade and his affiliates.

Media Arts Group publishes the work of Thomas Kinkade and distributes his art and related products through independently owned galleries, dealers and marketing relationships.

Under the terms of the merger agreement, stockholders of Media Arts Group common stock and Kinkade or his affiliated stockholders will have the right to receive the merger consideration of $4 per share in cash, without interest. Stockholders who hold their Media Arts Group shares in "street name" will receive payment through their accounts pursuant to arrangements between Mellon Investor Services, Media Arts Group's paying agent, and the Depository Trust Company. Registered stockholders will receive instructions by marl from Mellon Investor Services regarding how to surrender their share certificates in exchange for the merger consideration.

Stockholders representing approximately 96 percent of the total outstanding shares of Media Arts Group common stock voted in favor of the merger, while approximately 4 percent voted against it. Of those stockholders who voted either for or against the merger, excluding shares of Media Arts Group common stock owned by Kinkade, stockholders affiliated with him and directors and officers of Media Arts Group and Mergerco, 94 percent voted in favor of the merger and approximately 6 percent voted against it.

Immediately following the meeting, the merger was completed by filing a certificate of merger with the Secretary of State for the State of Delaware. …

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