There was a time a year ago, when insiders owned 35%. Since company founder Henry Grausz has left the company, his 21% ownership no longer counts as "insider".
Isidor S. Edelman, M.D. (1) 2,411,681
Bruce C. Galton 1,411,157
Thomas P. Carney, Ph.D. 150,000
Frank G. Stout 600
All directors and executive 3,973,438 13.3%
officers as a group
Also, with nearly 30mm shares out, CIST would cost about $9mm, if you could buy it at market without running the share price up. Additional cash coming over the next three years would increase the amount that could be spent, and the acquirer would end with a "free" but moribund little company.
Thus, a far better move would be a takeout for stock of the acquirer. This would preserve the cash for the acquirer's use, and would benefit shareholders since a premium could be paid by a large acquirer. In addition to Immunex, which would benefit by not having to pay the settlement, this could be a logical acquisition for Genzyme or Techne, as Dr. Harmon has mentioned a few hundred times. -:) Well, he only actually said it twice, but it reverberated in my mind -:) |
