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.
Stock held by the two venture capital shareholders will be bought for about 17.6 cents per share. The stock held by affiliated shareholders will be acquired for about 15.5 cents per share.
The merger, subject to shareholder approval, is expected to close before Sept. 30.