Good post on RB. I thought you would enjoy some old DD. Oxford, MBHC, NICM, and IMTL have been shaking hands for several years..:-)
By: bruceski
Tuesday, 29 Aug 2000 at 11:08 PM EDT
Post # of 16714 on RB.
"Here is something I stumbled across this evening. Someone else tried to buyout Oxford last year for $29 million and it was cancelled and they went with NICM shortly after. Why would they turn down $29 million for $3 million in cash (1/2 earnings) and 5,000,000 NICM shares? Do they think the 5 million shares are worth more than $5 each? Just found it interesting.
OLNEY, Md.--(BUSINESS WIRE)--Aug. 11, 1999--
International Mercantile Corporation (OTCBB: IMTL) announced today that the company has terminated its Stock Purchase Agreement with Oxford International, Inc. dated March 30, 1999.
The Stock Purchase Agreement provided for IMTL to purchase Oxford for $29,481,000 payable in IMTL Class A common stock. The Stock Purchase Agreement provided for the cancellation of the $3.0 million Promissory Note dated December 2, 1998, between the parties. This Promissory Note arose out of Oxford's September 1998 agreement to invest $5 million of public securities into IMTL for preferred stock. The $5 million investment was later reduced to $3.0 million, and these securities were lent back to Oxford evidenced by the Promissory Note, which was due and payable by Oxford on or before December 15, 1999. The promissory note was secured by three million restricted common voting shares of assets listed on Oxford's audited financial statements, and was guaranteed by Oxford International, Inc." |
