The reason for the delay. Some SEC twit figures we need to read the same info on a different form. Didn't they ever teach them in law school $4.50 = $4.50 and time = $ in the investment world. Who suffers, just the poor people the govt. is suppose to protect.
Supercanal Tender Extended; Securities & Exchange Commission Requires Additional Filings
AUSTIN, Texas, Jan. 13 /PRNewswire/ -- Tescorp, Inc. (Nasdaq: TESC) announced today that Supercanal Holding S.A. has extended the Offer to Purchase Tescorp Common Stock and Series 1995 Preferred Stock until February 5, 1998. The extension was made for the purpose of enabling Tescorp shareholders an opportunity to review supplemental disclosures to be provided by Tescorp and Supercanal to comply with comments received from the staff of the Securities and Exchange Commission. The tender offer acquisition prices of $4.50 per share of Common Stock and $144.00 per share of Series 1995 Preferred Stock will not be changed as a result of the extension of the Offer to Purchase.
The tender period for the initial Offer to Purchase, dated December 8, 1997, expired January 9, 1998. On that date, the Minimum Amount required under the terms of the Amended Stock Purchase and Merger Agreement had been exceeded with the tender of approximately 95% of Tescorp's Common Stock and 72% of Tescorp's Series 1995 Preferred Stock.
The new Offer to Purchase Tescorp Common Stock and Series 1995 Preferred Stock is expected to be submitted to Tescorp Shareholders on or before January 14, 1998. Tescorp shareholders that have already tendered their shares pursuant to the Offer to Purchase dated December 8, 1997, will not be required to re-tender their shares pursuant to the new offer unless they elect to rescind their original tender. Shareholders that tender pursuant to an Offer to Purchase have the right to rescind their tender at any time prior to acceptance of the tender by Supercanal.
In addition to its common stock, Tescorp's Series 1990 10% Preferred Stock (Nasdaq: TESCP) is listed for trading on the Nasdaq SmallCap Market. |
