It ain't over 'till...
On 6/5/00, a 13D form was filed by CNSI freeedgar.com A 13D indicates a new owner of 5%+ shares of a company. The 'filing person' is Chapman Capital L.L.C ("Chap-Cap") and other associated investment companies of Robert Chapman.
Chap-Cap has purchased 5.14% of the outstanding shares of CNSI (i.e. 933,000 shares). This purchase is independent of the recently announced acquisition of CNSI by CeNeS Pharmaceuticals.
In fact, Chapman et al. appears to have been as upset with the purchase terms as the rest of us (and he let his money talk). From the filing (my bolding):
Robert L. Chapman Jr. has met with management of the Issuer regarding the possibility of, or seeking to influence the management of the Issuer with respect to, board representation, business strategies, legal strategies, tax strategies, mergers, business combinations, recapitalizations, sales of assets, negotiated or open-market stock repurchases or other extraordinary corporate transactions. Specifically, on June 2, 2000 Mr. Chapman met with Dr. Robert N. McBurney, the Chief Executive Officer and the President of the Issuer, to discuss the recently-announced merger with CeNeS Pharmaceuticals plc. Mr. Chapman emphasized the importance of ensuring a smooth managerial transition during the merger-consummation period. The Reporting Persons may in the future consider a variety of different alternatives to achieving their goal of maximizing shareholder value, including negotiated transactions, tender offers, proxy contests, consent solicitations, or other actions. However, it should not be assumed that the Reporting Persons will take any of the foregoing actions. The Reporting Persons reserve the right to participate, alone or with others, in plans, proposals or transactions of a similar or different nature with respect to the Issuer. |
