Meade Instruments Board Urged Shareholders To Reject MIT Capital Offer

The board of directors of telescope maker Meade Instruments Corp. (NASDAQ:MEAD) asked its shareholders to reject the $3.65 per share cash offer of VictoryOne. VictoryOne Inc is a unit of San Jose venture capital firm MIT Capital Inc. It has proposed to acquire all outstanding shares of Meade Instruments for $3.65 per share in cash. The board reaffirmed its earlier recommendation to shareholders to vote in favor of a merger deal with Jinghua Optics & Electronics Co. in Guangzhou, through its U.S. subsidiary, JOC North America LLC, which offered cash at $3.45 per share. The board justified its reasoning in its Friday’s…