Smorum, Denmark — William Demant Holding (WDH) wasted little time responding after GN Store Nord A/S upped the ante with an October 12 bid of $64.2 million for Otix Global, the parent company of Salt Lake City-based hearing aid maker Sonic Innovations. WDH announced October 14 that it had signed an addendum to its existing merger agreement matching that offer.
From WDH’s press release:
Today, William Demant Holding has signed an addendum to the existing merger agreement with the US hearing aid company Otix Global, Inc. according to which Otix’s stockholders will receive a total settlement of $64.2 million (approximately DKK 343 million) or a price of $11.01 per share. The updated offer is thus an increase of the prices stated in the original merger agreement entered into on 13 September 2010 and the amendment dated 6 October 2010, respectively.
WDH said it still expects to close the deal as originally planned. No word yet from GN as to its next move.
SOURCE: William Demant Holding