Opinion ID: 2180498
Heading Depth: 2
Heading Rank: 6

Heading: Crescent and Cirrus's Negotiations of the Stock Purchase Agreement

Text: Negotiations between Crescent and Cirrus proceeded throughout May 2001 on the stock purchase agreement (the CHCL SPA). At some point during these negotiations, the terms of the CHCL LOI were restructured so that CHCL would invest $77.5 million in cash into Cirrus in exchange for 61% of Cirrus's outstanding common stock on a fully converted and diluted basis. [3] Cirrus would then declare a $15 million dividend, payable to common stockholders except CHCL, making the effective purchase price $3.72 per share ($2.79 per share for cash contribution plus a per share dividend of $0.93).