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Technology Stocks : CHRZ - What is the near term outlook? -- Ignore unavailable to you. Want to Upgrade?

To: TEDennis who wrote (441)	11/20/2003 9:18:35 AM
From: TEDennis	Respond to of 443

Aquent drops unsolicited Computer Horizons bid NEW YORK, Nov 19 (Reuters) - Aquent LLC, an information technology staffing services provider, on Wednesday withdrew its $152 million takeover offer for Computer Horizons Corp. (NasdaqNM:CHRZ - News), but said it will continue to pursue other IT staffing expansion opportunities. Privately held Aquent, based in Boston, said the proposed acquisition was no longer in the company's best interest given Computer Horizons' agreement to purchase RGII Technologies Inc. for $31 million in July. Aquent first offered to buy Computer Horizons, based in Mountain Lakes, New Jersey, in April for $5 per share, but was repeatedly rebuffed by the company's board. Computer Horizons shares traded down 24 cents, or 6.4 percent, to $3.51 on the Nasdaq market shortly after Aquent's announcement. Aquent initially declined to comment on the RGII acquisition, saying it needed time to review the details of the deal, which was designed to give Computer Horizons a toehold in the government sector. The deal inflamed an already tense standoff between the two companies, which included lawsuits filed from both sides and a proxy fight that ultimately placed two dissident directors on Computer Horizons' board. "Despite the level of support (we received), Computer Horizons' incumbent directors and management took a series of actions that made Computer Horizons a fundamentally different company today than it was when we first announced our proposal," said John Chuang, Aquent's chairman and CEO. "Aquent remains committed to the IT staffing sector and is well positioned to participate in the industry's consolidation," he said. biz.yahoo.com