AM International Inc. and purchaser do not reach agreement to revise purchase price in connection with pending merger.MT. PROSPECT, Ill.--(BUSINESS WIRE)--March 3, 1997--AM International Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :AM) Monday announced that its board of directors and the corporation formed by affiliates of Pacholder Associates Inc. ("purchaser") to acquire AM by merger have not reached agreement on amending the merger agreement to reduce the consideration AM shareholders would receive in connection with the proposed transaction. Since the purchaser has expressed its unwillingness to move toward closing on the basis of the $5.00 per share price specified in the merger agreement, AM is sending a notice of breach to the purchaser. AM's board of directors is considering its alternatives, including sale to a third party, declaration of a substantial dividend, or a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program available to all shareholders. AM also announced Monday that it has received a nonbinding expression of interest from another potential buyer. This expression is at a level of $5.00 per share but is subject to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and receipt of financing. The company cannot predict whether a transaction will result from such expression. The stock of AM International, which has corporate headquarters in Mt. Prospect, is traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "AM." CONTACT: AM International Jerome D. Brady, 847/685-2500 |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion