ANAHEIM, CA -- DDi Corp. today announced a proposal to acquire all outstanding shares of Coretec common stock for about $3.4 million in cash or stock and assumption of Coretec's debt.

The total value of the deal, including debt, would be about $22 million.

According to a company statement, DDi is offering C$0.20 per share, or roughly approximately C$3.6 million. Coretec's debt as of June 30 was C$18.8 million.

The proposal represents a 100% premium to the stock conversion price of the debt to be issued in Coretec’s recently-announced proposed private placement of convertible debt. DDi’s proposal will be withdrawn if Coretec’s proposed private placement is completed, the company said.

DDi said it expects that the acquisition would be in the form of a merger, with the consideration for Coretec’s shareholders being all cash, an exchange for DDi shares or a combination of cash and DDi shares.

DDi’s proposal is nonbinding and subject to due diligence and board and shareholder approvals.

DDi had fiscal 2008 revenues of $190 million, while Coretec closed the year at C$81 million.

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