HRVE - Harvey Electronics, Inc. Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : HRVE - Harvey Electronics, Inc.

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: jmhollen	4/9/2006 10:50:18 AM
	of 4

*Harvey Electronics Mulls Tender Offer* Tuesday April 4, 12:06 pm ET Harvey Electronics Tells Shareholders to Delay Acting on Modern Technology Tender Offer LYNDHURST, N.J. (AP) -- Home theater products retailer Harvey Electronics Inc. on Tuesday told shareholders to delay acting on a tender offer for the company's shares issued Monday by Modern Technology Corp. until more information is available. Modern Technology Corp., a technology development and acquisition company, has offered to pay $1.15 per share in cash and convertible warrants for 51 percent of Harvey's outstanding shares. That represents a 29.2 percent premium over Harvey's Monday closing price of 89 cents per share. Harvey Electronics had 3.5 million outstanding shares as of Jan. 28, according to a recent filing with the Securities and Exchange Commission. Modern Technology's offer values 51 percent of those shares at about $2.1 million combined. Harvey said the board will advise shareholders of its position and respond to the offer when it receives additional information from Modern Technology. The offer is set to expire May 1. Modern Technology said it won't purchase any Harvey shares at all if less than 51 percent are tendered. The offer consists of 80 cents a share in cash, and 35 cents a share in convertible warrants, which give the holder the right to buy Modern stock at a set price. Modern Technology said it secured investor commitment for $1.5 million cash to support the offer. The amount the company says it will need to fund the initial cash portion of the offer and related fees and expenses. Shares of Harvey Electronics fell 12 cents, or 13.5 percent, to 77 cents in morning trading on the Nasdaq. The stock has traded between 54 cents and $1.59 over the past year. .

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next