ABTX - Agribiotech 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.

Microcap & Penny Stocks : ABTX - Agribiotech

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Anaxagoras who wrote (7223)	1/25/1999 2:38:00 PM
From: Big Dog	Read Replies (2) of 8359

Monday January 25, 2:12 pm Eastern Time AgriBioTech stock off after partner search ends CHICAGO, Jan 25 (Reuters) - Shares of seed company AgriBioTech Inc. (Nasdaq:ABTX - news) fell on Monday after company officials said they had suspended previously announced efforts to find a strategic equity partner and decided to remain independent in order to maximize shareholder value. ''They couldn't find a strategic investor,'' said Kenneth Pounds, analyst at Nutmeg Securities. ''I'm sure there is disappointment.'' Shares of AgriBioTech, the largest seed company in forage and turf grass, were trading off 3-7/16 to 8-5/8 on turnover of more than 7.6 million shares. The Las Vegas-based company late Friday said its directors concluded that the best course for the company is to focus on continuing to build its market share and expanding its leadership in germplasm technology. At that time, the company also said it has raised about $50 million over the past two months through the private placement of equity, convertible debt and the sale of certain non-seed assets of Willamette Seed Co. The financings allowed the company to pay off some $30 million in debt. Gilford Securities analyst Otis Bradley continues to recommend AgriBioTech as a maximum buy. ''I'm a long term believer that this will turn out to be a tremendous buying opportunity,'' he said. AgriBioTech said it will likely continue to pursue acquisitions but will focus on integrating its recent acquisitions.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next