Anacomp Retains Allen & Company to Explore Strategic Alternatives Company also announces reelection of Board of Directors
SAN DIEGO, Feb. 8 /PRNewswire/ -- Anacomp, Inc. (Nasdaq: ANCO) announced today, following its annual shareholders' meeting, that its Board of Directors has retained Allen & Company Incorporated to assist in the exploration of strategic and financial alternatives for the purpose of enhancing stockholder value. Such alternatives could include, among other transactions, a merger or sale of the company (which could include a management buyout).
The Allen & Company assignment is expected to last three to four months. There can be no assurance that any strategic alternative will be pursued or that any transaction will be consummated.
In light of the decision of its Board to begin the exploration of strategic and financial alternatives, Anacomp has terminated its previously authorized share repurchase program.
Anacomp also announced today the reelection of its current Board of Directors. With 95% of the company's common stock represented, each of the following nominees was reelected: Ralph W. Koehrer, Anacomp president and chief executive officer; Talton R. Embry, chairman and chief investment officer, Magten Asset Management Corp.; Darius W. Gaskins, Jr., partner with High Street Associates, Inc.; Jay P. Gilbertson, consultant; Richard D. Jackson, co-chairman of the Board and consultant; George A. Poole, Jr., private investor; and Lewis Solomon, co-chairman of the Board and chairman of G&L Investments. Each director received at least 99% of the votes cast. |
