Two weeks after Diamond Multimedia Systems raised its bid to take over modem manufacturer Hayes to $128 million, the company is now upping its offer to $140 million as Hayes said it is ready to buy itself out of trouble.
The move follows the withdrawal of US Robotics' bid for Diamond earlier this month, due to fears that it would not pass an anti-trust investigation.
Diamond's offer will provide $85 million in cash to creditors, while equity holders will receive an aggregate of $112.7 million in stock and $27.3 million in cash.
The closing argument will be presented to the court on February 22, when Hayes said it is confident its bid to remain independent will be accepted.
Meanwhile US Judge Hugh Robinson has overruled objections by Megahertz to Hayes' continued licensing of its X-Jack technology. He has ruled that if Diamond's offer to take over Hayes goes through, Hayes will not then be able to license X-Jack as it would be a violation of patent law.
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