Heymann interview:
avault.com
<<<snip>>
AVault: There are a lot of rumors circulating about the sale of the company. Even though you mentioned all three are possible, is GT possibly leaning toward one option more heavily than another?
Heymann: [sighs heavily] People really need to understand we're focused on maximizing shareholder value, and the reason we are focusing on that and employing all three strategies simultaneously is because, if I wanted personally to pursue a capitalization so we could remain independent, that might be unfair to the shareholders because the dilution [the amount a shareholder's ownership percentage goes down] required might not be in their best interest. If I say I want to sell the company, well, maybe that's not as good as a recapitalization for the shareholders because, depending on what the dilution would be, maybe they would be better off suffering a little, living to fight another day and getting a bigger price somewhere down the line.
We've got all these great assets, and the left side of the balance sheet is very robust, but we've got this debt problem that's been around due to some inefficiencies in how we were operating in the past, and we've got to deal with that. So we're going to analyze all these opportunities and deal with it in a way that maximizes shareholder value.
Also, by using this approach, which was really done at my urging before the board of directors, we're turning up a high degree of interest from all potential parties, industry related players and financial people, and this will enable us to clear the transaction in an equitable way, and thereby maximize shareholder value. Plus, we can do it in an expeditious fashion.
AVault: So there is no finalized deal at this time deal?
Heymann: It would not be appropriate for me to reveal who we are in negotiations with, and no, there is no deal to announce at this time. We are undergoing this process in a very forthright, openly positive manner, and we hope to be able to bring it to a conclusion in a very timely fashion. Never mind what others are saying. I'm your best source, and we are in communication with a variety of people, some industry, some not industry, and some financial, who are all interested in either investing in GT through a recapitalization, a sale or a merger, and all three types of offers are coming through. We expect to have serious discussions along all three avenues, and then, utilizing Bear Stearns as our outside advisor, come to a decision in the best interest of our shareholders. People want to read into this more than there is, but there really isn't anything there. This is a financial transaction, and at the end of the day, I want the shareholders to say we did the best to maximize their value. |
