Doesn't anyone find it strange that this was released on Friday after the market closed and the CRIC deal is supposed to close on Monday?
Bad news is released when it is released. The deal was to close as soon as BDO confirmed the assets.
BDO said that it found information which contradicted a report released earlier. BDO did not issue the earlier report, Genesis did.
BDO said (emphasis added):
Friday April 25 5:13 PM EDT
BDO Binder, S.C. withdraws from engagement at Genesis International Financial Services
MEXICO CITY--(BUSINESS WIRE)--April 25,
1997--BDO Binder, S.C., the Mexican member
firm of the BDO international network,
announced today that it has withdrawn from an
engagement with Genesis International
Financial Services of Chattanooga, Tenn., to
perform a due diligence review on assets
backing a CRIC unit sale to an international
investment group.
The firm has also withdrawn a preliminary due
diligence report on the assets and has
advised the company that neither they nor
potential investors should rely on such
preliminary reports.
BDO is the world's seventh largest accounting
and consulting firm with over 450 member firm
offices and 15,000 staff in more than 80
countries around the world.
CONTACT: Walsh Communications
Jerry Walsh, 212/719-0865 |
