Nyx to pay $1 million to Image Entertainment under amended agreement

By Lisa Kerner

Charlotte, N.C., April 15 - Image Entertainment, Inc. and Nyx Acquisitions, Inc., an affiliate of Q-Black, LLC, amended their merger agreement for the fourth time, it was announced on Wednesday.

Nyx agreed to deposit $1 million into Image Entertainment's operating account on Friday and to release the remaining $1.5 million currently being held in Image Entertainment's trust account to the company, Image Entertainment said.

According to Image Entertainment, the $1 million and $1.5 million are not refundable and will not affect the purchase price under the agreement.

In November, Image Entertainment announced that it agreed to be acquired by Nyx for $2.75 per share in a transaction valued at about $100 million, including the assumption of Image Entertainment debt.

The merger closing date continues to be Monday. The merger was originally slated to close on Feb. 26.

Nyx can extend the closing date to May 4 if it notifies Image Entertainment by Thursday and deposits $3 million into Image Entertainment's trust account by Monday.

Image Entertainment is an independent licensee, producer and distributor of home entertainment programming in North America. The company is based in Chatsworth, Calif.

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