Dr. Gary Feldstein increases bid to acquire America Service Group.NEW YORK--(BUSINESS WIRE)--Nov. 15, 1994--Gary S. Feldstein, MD, a private investor, said today that he has notified the management of America Service Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASGR ASGR America Service Group Inc. ASGR Armed Services Graves Registration Office ), of New Castle, Del., by letter, that he and others associated with him are interested in making a new cash offer of $6.50 per share for all of the outstanding common shares of the company. Dr. Feldstein proposed a cash merger to the management of America Service Group Inc. (ASG ASG Assign ASG Allen Systems Group (Naples, FL) ASG Abu Sayyaf Group (terrorist group) ASG Associated Student Government ASG Area Support Group ASG Adaptive Services Grid ASG Assistant Secretary General ) on August 2, 1994, which would have provided all shareholders with $5.50 per share. This proposal was rejected by the company's board of directors. Dr. Feldstein in his letter to Jeffrey A. Reasons, president and chief executive officer of America Service Group, noted that since August, ASG management has been unresponsive unresponsive Neurology adjective Referring to a total lack of response to neurologic stimuli to his attempts to meet. "The unwillingness of management to explore our proposal is clearly not in the best interest of the company's shareholders, of which I am one," he said. The new bid of $6.50 per share for all the outstanding shares of ASG represents a 48% premium over the closing price of the company's common shares on Aug. 1, 1994, the last day of trading prior to the previous proposal and a 13% premium over yesterday's closing price. Dr. Feldstein owns approximately 4.9% of the 2,989,020 outstanding shares of America Service Group. Brenner Securities Corp., the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of investment banking firm, is advising him and remains highly confident of its ability to arrange financing for this transaction, subject to the completion of customary 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. . He has notified ASG management that he and his advisors are available to meet promptly to discuss the proposal. ASG is a contract provider of managed health care services to inmates of correctional facilities nationwide. CONTACT: Anreder and Company
Steven Anreder/Andrew Edson
212/421-4020
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