Blank Check IPOs (SPACS) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Blank Check IPOs (SPACS)

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Saul Feinberg Jr. who wrote (1042)	6/21/2007 12:05:19 PM
From: Glenn Petersen	Read Replies (1) of 3862

I do not think that the PGRI deal is going to be approved, at least not as it is currently structured. The original deal, which was announced seventeen months ago in January 2006, was all cash. Now it is a stock deal, with PGRI committing to purchase up to $80 million of their common stock in the open market after the close of the transaction, if it closes. The shareholder meeting has already been pushed back at least twice, and is now scheduled for June 30. I would not be surprised to see the meeting pushed back again, as the company has until October 27 to complete a deal. To close the deal, it may have to be restructured a second time. I never liked this deal. While Tandem is a publicly traded entity, it is a non-reporting entity. At the time that the deal was announced, I thought that it was curious that the insiders would agree to accept a payout lower than the other shareholders. The deal was announced 92 days after PGRI went public. A more prolonged search for a merger candidate might have been a good thing.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next