Hi all, Here's what I posted on our user forum regarding this development:
I can't speculate or offer any additional information beyond what is contained in the proposal we received from LaunchEquity Partners, LLC and the press release we issued this morning regarding the matter. I've linked to both below: www.sec.gov/Archives/edgar/data/920707/000092189512001507/ex99113da807845ma k_071512.htm www.makemusic.com/Pressroom/Default.aspx?pid=555 However, I can offer some key quotes from the proposal. On the matter of "liquidation", the following is from LaunchEquity Partners, LLC's proposal: "We hereby propose directly or through a newly-created entity to purchase the operating assets of the company, excluding cash, and assume the related liabilities, of MMUS (the ³Assets²), free and clear of all liens and encumbrances, for $13.5 million. Including the cash retained by MMUS, our offer values the business at approximately $21.2 million. We have calculated the purchase price on the basis of publicly available information. Our offer is conditioned upon, among other things, MMUS adopting a plan of liquidation simultaneously with shareholder approval of the sale of Assets, which we believe should enable MMUS to distribute approximately $4.30 per share to shareholders. Such amount represents a 20% premium to the closing share price on July 13, 2012. We would explore with MMUS ways to maximize the cash that would be distributed in such liquidation." In addition: "We project that we will also need to inject at least $10 million over the next two years to (a) recruit and retain a new CEO, (b) upgrade both the Notation and SmartMusic software product lines and (c) cover working capital and seasonal liquidity needs." Finally: "Further, it is our intention to retain MMUS¹s employees as we view them to be a significant asset of the company." The current action MakeMusic, Inc is taking at this point is as follows, from our press release this morning: "Consistent with its fiduciary duties, MakeMusic¹s Board of Directors has appointed a Special Committee of independent, disinterested directors to review and consider the proposal, in consultation with financial and legal advisors, and determine the course of action that it believes is in the best interests of MakeMusic and its shareholders. The Board has authorized the Special Committee to consider the full range of available strategic alternatives including, but not limited to, continuing as an independent, public company with MakeMusic¹s current growth plans." If anyone has any questions regarding these developments, please feel free to send any inquiries to [email protected]. As things develop, we will be operating as normal and no change at this point to the development and roadmap announcements we have made so far. -- Justin Phillips Senior Product Manager MakeMusic, Inc 763-772-3964 On 7/17/12 9:41 PM, "Eric Dannewitz" <[email protected]> wrote: >This doesn't sound good. > >http://performingarts.uncg.edu/patech/?p=255 > >"I¹m emerging from my web development cave to share this, as it could be >a potentially monumental event in the world of music notation software >the short version is that MakeMusic has received a buyout offer >(http://www.makemusic.com/Pressroom/Default.aspx?pid=555), which would >likely include the company being liquidated. I¹m no businessman (not even >a little bit), but I know that this is a big deal." > > > > >_______________________________________________ >Finale mailing list >[email protected] >http://lists.shsu.edu/mailman/listinfo/finale _______________________________________________ Finale mailing list [email protected] http://lists.shsu.edu/mailman/listinfo/finale
