CARLSBAD, Calif. - GasCard Inc. and Fleetman Inc. have amended their planned merger and placed in escrow most of the documents related to it, the companies said this week.

Fleetman has increased the total purchase price for GasCard to $13 million from $10 million, of which $8 million is payable in cash and $5 million in subordinated notes. Fleetman said it will acquire common stock held by minority public shareholders for about 18.4 cents per share, which was based upon a company valuation of $15 million.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.