Insiders scrap offer:
Investor group scraps plans to buy Netpliance
AUSTIN, Texas, Jan 22 (Reuters) - Netpliance Inc. <NPLI.O>, an Internet home appliance company, on Monday said an investor group led by its chief executive has indicated that it is no longer interested buying the remaining shares of company.
On Dec. 22, 2000 Netpliance said the group had offered to buy out the remaining shares of the company for about $20 million. At that time, Netpliance said the investors, led by Chairman and Chief Executive Officer John McHale, offered to buy the stock in a cash deal worth 65 cents per share.
Today, the group delivered a letter to Netpliance indicating that it was terminating negotiations, Austin, Tex.-based Netpliance said.
McHale and other stockholders involved in the proposed deal represent ownership of about 52 percent of the company's common stock, Netpliance said on Dec 22.
Shares of Netpliance closed at 9/16, or about 56 cents, on Monday, above a 52-week low of 9/32 but well off a 52-week high of $26-1/8. The shares had closed at 11/32 on Dec 21, a day before Netpliance announced the offer.
19:02 01-22-01 |
