Image Retaining Public Status Under Amended Agreement

Image Entertainment will remain a public company under an amended merger agreement with BTP Acquisition Co., LLC. Shareholders will be allowed to retain a certain percentage of shares in the company so that it can continue to be listed for trading on NASDAQ. BTP entered into an agreement in March to buy out Chatsworth-based Image, an independent licensee, producer and distributor of home entertainment programming. Image shareholders still must approve the amended agreement. Keeping Image a public company was a sound business strategy, said David Bergstein, who heads BTP. “To implement that we have increased the merger consideration being paid to Image shareholders,” Bergstein said. “We look forward to our new shareholder base and the future opportunities that Image management has positioned for the company.”