LeapFrog Holding Out For More, Says $1.10/Share Offer Not Superior

LeapFrog Enterprises, Inc. (NYSE: LF) announced in early February it received a proposal from VTech Holdings to acquire all of its outstanding stock for $1.00 per share.

LeapFrog disclosed in a new regulatory filing it has received a proposal from L&M Acquisitions Inc to acquire all of its outstanding stock through a tender offer and second-step merger for $1.10 per share in cash.

However, LeapFrog added its Board of Directors met and "determined that L&M's proposal did not constitute a Superior Proposal, and it would not reasonably be expected to lead to a Superior Proposal."

Shares of LeapFrog were trading higher by around 2.5 percent at $1.01 after 30 minutes of trading on Monday.