TDYH - posted it here at 1.95. Looks like it gets taken out at 4.50.
Tandem Energy Holdings Enters Merger Discussions
Business Wire - January 17, 2006 09:15
MIDLAND, Texas, Jan 17, 2006 (BUSINESS WIRE) -- Tandem Energy Holdings Inc. (OTC: TDYH)(the "Company") The Board of Directors of Tandem Energy Holdings, Inc. has announced that the Company has entered into discussions with a third party to dispose of 100% of the outstanding stock of its wholly owned subsidiary, Tandem Energy Corporation ("TEC"), for total cash consideration of approximately $102 million. The transaction under discussion would involve payment in full of the long-term indebtedness of TEC and distribution of the remainder (approximately $60 million) to the Company, which would use the net proceeds to redeem in full all of the outstanding common stock of the Company. The Company has approximately 23.8 million shares outstanding. Under the terms being discussed, the Board of Directors and officers of the Company as a group, which controls approximately 85% of the stock, would receive approximately $2.13 per share and the remaining shareholders would receive $4.50 per share.
The Company anticipates that, if the transaction is completed, the closing would occur within approximately 90 days.
Under the terms of current negotiations, the Company will continue to execute its business plan in accordance with current strategies.
There is no assurance that the Company will reach an agreement to dispose of TEC, or that if an agreement is reached, it will result in consummation of a transaction on the terms described. |
