Biosys sets stockholder vote on merger with AgriDyne Insect control specialist would retain its name in deal with Utah firm

March 09, 1996|By Mark Guidera | Mark Guidera,SUN STAFF

Columbia-based Biosys, a biotechnology company developing insect control products for agriculture, said yesterday it will hold a stockholders meeting Friday to vote on a proposed merger with AgriDyne Technologies Inc, of Salt Lake City, Utah.

The meeting will be at 10 a.m. at the the corporate headquarters, 10150 Old Columbia Road.

L If approved, the merged companies would be known as Biosys.

Shareholders also will be asked to vote on a proposed reverse stock split of the outstanding shares of biosys common stock.

Under that plan, each 2 1/2 shares of Biosys common stock outstanding immediately prior to the merger would be reclassified as one share of Biosys common stock.

If the merger is approved by shareholders of both companies, AgriDyne's shareholders would receive .7166 of a share of Biosys common stock, or .28664 of a share of Biosys common stock if the Biosys reverse stock split is approved, for each outstanding share of AgriDyne common stock.

The approved merger would result in the issuance to AgriDyne stockholders of approximately 4.7 million shares of Biosys common stock, based on the number of shares of AgriDyne common stock currently outstanding.

Shares of Biosys closed yesterday at $2.50, down 25 cents, on the Nasdaq stock market.

Pub Date: 3/09/96

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