MHT Matches Offer for Reducol Maker

VANCOUVER, British ColumbiaForbes Medi-Tech Inc. (OTCBB: FMTI) has turned its attention back to Marco Hi-Tech LLC (MHT) in the acquisition game, as MHT exercised its right to match" in respect to the late July offer for the maker of Reducol. MHT increased its offer from US$1.4 million to US$1.76 million, and entered into an amended agreement with Forbes Medi-Tech to acquire substantially all of the companys assets.

On Aug. 5, Forbes Medi-Techs board of directors accepted the amended offer under terms of the original agreement with MHT. The agreement does still include the right of Forbes to consider and accept a superior proposal, and for MHT to match such an offer. Forbes board stated it does support the MHT transaction and unanimously concluded the asset sale is in the best interest of its shareholders. After the transaction, Forbes plans to liquidate its affairs, distributing net proceeds in the range of $0.14 to $0.19 per share to its shareholders approximately six months after the sale is completed.