CBAS: CBASW on sale but... do they hint on trouble ahead?
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biz.yahoo.com
Press Release Source: Coastal Bancshares Acquisition Corp.
Coastal Bancshares Acquisition Corp. Provides Additional Information Regarding Special Meeting Related to Merger With Intercontinental
Monday September 25, 12:49 pm ET
HOUSTON, Sept. 25 /PRNewswire-FirstCall/ -- Coastal Bancshares Acquisition Corp. (OTC Bulletin Board: CBAS - News, CBASU - News, CBASW - News; "Coastal" or the "Company"), a public company organized to complete a business combination with a commercial bank or bank holding company, provides some additional information with respect to its upcoming special meeting of stockholders related to its merger with Intercontinental National Bank Shares Corporation ("Intercontinental"). As previously announced, Coastal and Intercontinental have entered into a definitive merger agreement pursuant to which, and subject to the approval of Coastal's stockholders, Coastal will acquire Intercontinental in an all cash transaction.
* The record date for the stockholders' meeting to vote on the merger
and related resolutions is the close of business on September 27,
2006, and the stockholder meeting date is October 26, 2006.
* Coastal's cash liquidation value per share as of August 31, 2006 was
approximately $5.46 per share.
* As of September 25th, current trading prices of Coastal common stock
were below the estimated liquidation value per share.
* Coastal warrant holders are not entitled to vote in the special
meeting.
* If holders of 20% or more of Coastal's common stock vote against the
merger with Intercontinental then Coastal will be required to
liquidate. Coastal's warrants are not entitled to participate in the
proceeds from this liquidation.
* In order to vote in the special meeting, you must own Coastal common
stock as of the close of business on the record date. The latest date
to purchase Coastal common stock and to be able to vote is Wednesday,
September 27, 2006. |
