-More regards DTN buy-out,a friday deadline for today ------------------------------
Thursday March 26, 3:24 pm Eastern Time
DTN suitors say buyout bid expires Friday
By Emily Kaiser
CHICAGO, March 26 (Reuters) - An unsolicited buyout bid for Data
Transmission Network Corp. expires Friday at the close of business, an
attorney representing the interested buyers said.
''The offer expires tomorrow at the close of business,'' said John
Kirkland, an attorney with Weissmann, Wolff in Beverly Hills who represents
the investors. ''That is firm. It will not be extended under any
circumstances,'' he told Reuters.
DTN disclosed Wednesday that a group of investors, led by Jerrold Pressman,
offered to buy all DTN's outstanding shares at a price ranging from $36 to
$41 a share, and possibly more.
A DTN spokesman declined to comment. In a statement released on Wednesday,
DTN said it had not expressed a desire to sell.
Based on about 12.1 million shares outstanding, the transaction has an
value of at least $435.6 million.
Kirkland said the investors, who besides Pressman declined to be named,
intended to make the company private if they were successful in their
buyout bid.
''Our interest is not to acquire shares to make a short-swing profit,''
Kirkland said in a telephone interview. ''Our intention is to acquire the
company.''
Kirkland said he had been contacted by several shareholders who said they
would vote to replace DTN's board if the
directors reject the offer. "We have been advised by
shareholders that if the offer is not accepted, they are going to replace
the board,'' he said.
Kirkland said the investors, whom he described as ''highly sophisticated''
had placed another offer to buy DTN which was rejected. He declined to
disclose the terms or timing.
He said the investors group has hired investment bankers but declined to
identify the firm. ''We have investment bankers in place who are highly
confident,'' he said.
DTN has said its directors will meet Thursday afternoon.
The Omaha, Neb.-based company provides weather information, news, quotes,
market analysis and commentary to more than 160,000 subscribers in the
United States and Canada. Its shares were up 4 at 36.
Pressman is involved in a number of businesses including Master Protection
Corp., a fire protection company, Iceoplex, a chain of ice skating and
family entertainment centers, and has produced the Billboard Music Awards,
Kirkland said.
No information was available on the other suitors. |
