ABTE received offer for buyout at 12, is currently trading at 10.00
Able Telcom Receives Unsolicited Offer From Applied Cellular Technology, Inc. To Purchase 100% Of Outstanding Shares
WEST PALM BEACH, Fla., Dec. 3 /PRNewswire/ -- Able Telcom Holding Corp. (Nasdaq: ABTE - news) announced today that it has received an unsolicited offer from Applied Cellular Technology, Inc. (Nasdaq: ACTC - news) to acquire 100% of the fully diluted and outstanding shares of ABTE. The proposed purchase price of Able Telcom stock is $12.00 per share, payable in shares of ACTC Class ''A'' Common Stock.
Gerry W. Hall, CEO and President of Able Telcom Holding Corp., stated, ''The unsolicited offer was received with no advance notice and is under review by Able's Board of Directors and financial advisors. Management feels that it is premature to make any other comments about the adequacy of the offer until we have had the opportunity to review the information provided by Applied Cellular Technology, Inc. and have discussed this proposal with our advisors. The Able Telcom Holding Corp. Board of Directors will evaluate the proposal to determine its merits and will proceed in the best interest of all shareholders.''
Able Telcom Holding Corp., through its subsidiaries, is one of the leading service companies in planning, developing, building, and maintaining the communications infrastructure for an array of applications including telecommunications, traffic management, and cable television systems designed to meet the world's expanding information requirements.
Statements about the company's future expectations, including future revenues and earnings, and all other financial statements in this press release other than historical facts are ''forward-looking statements'' within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995, The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
SOURCE: Able Telcom Holding Corp.
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