retention-jackjacks.blogspot.com
Shares in the Burlington N.J., electronic handheld book maker closesdat $2.11 Monday after closing at a little more than $1 The group’s proposal values Franklin (NYSw Amex:FEP) at $19.45 million, based on the number of sharexs that the company had outstanding on Jan. 28. Througyh its members’ ownership of Franklin stoc and options, the group controls 43.7 percent of the company’s sharee votes, although it expects to only exercise optionsa with an exercise priceof $2.354 or less per share, which would give it controlk of only 39.9 percent of Franklin’sx share votes.
Franklin said Monday its board of directors has appointesd a special committee of independent boarxd members to considerthe proposal, which the groupl submitted to the board May 20. The groupo is comprised of President and CEOBarryt Lipsky; Chief Financial Officer Frank Chief Operating Officer Toshihide Hokari; Chairman of the Boare Howard Morgan; Director James Simons; a Bermuda investmen company, Shining Sea Ltd.
, that is owned by a trustr established by Simons; and an investor, Marcy The group has formed a company, , to buy In the letter it sent to Franklin’a board, Saunders said it is owned by Lipsky, Musto and and that Simons, Shining Sea, Morgan and Lewis have agreerd to buy into it. Saunders also said its proposal is not subjecgt to anyfinancing conditions. Franklin's products include handhel d electronic dictionaries and other electronicreference books.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment