Reeds Jewelers Board Responds to Sparkle, LLC Tender Offer
08 Avril 2004 - 11:00PM
PR Newswire (US)
Reeds Jewelers Board Responds to Sparkle, LLC Tender Offer
WILMINGTON, N.C., April 8 /PRNewswire-FirstCall/ -- REEDS JEWELERS,
INC. today responded to the revised Tender Offer from Sparkle, LLC
for the outstanding shares of Reeds Jewelers, Inc. not owned
directly or indirectly by Sparkle, LLC. On March 29, 2004, Sparkle,
LLC, a North Carolina limited liability company revised its offer
to purchase for cash all the outstanding shares of common stock of
Reeds Jewelers, Inc. notowned by Sparkle, LLC or its subsidiaries
to increase the amount paid to $2.05 per share. Sparkle, LLC was
formed by members of the Zimmer family, the family which founded
Reeds Jewelers, Inc., for purposes of making the tender offer and
taking Reeds Jewelers, Inc. private or removing the shares from the
public trading market. Since certain members of Sparkle, LLC are
also members of the Board of Directors of Reeds Jewelers, Inc.,
Reeds' Board of Directors asked the independent members of the
Boardof Directors of Reeds Jewelers, Inc. to consider and respond
regarding the Sparkle, LLC tender offer. The independent members of
the Board of Directors of Reeds Jewelers, Inc. has confirmed that
their decision with respect to the Offer has not changed, which
means that the Board of Directors of Reeds Jewelers, Inc. will take
no position on the terms of the Tender Offer made by Sparkle, LLC
to purchase all of the shares of Reeds Jewelers, Inc. not owned
directly or indirectly by Sparkle, LLC. The Board of Directors of
Reeds Jewelers, Inc. is taking "no position" regarding the tender
offer for the following reasons: (1) the independent directors had
determined to take "no position" regarding the Tender Offer; (2)
the position of the independent directors should be the position of
the Reeds' Board of Directors; and (3) no independent investment
analysis on behalf of Reeds was performed. No independent
investment analysis on behalf of Reeds was performed because the
independent directors were advised by independent counsel that they
had no duty to take a position regarding the Tender Offer. The
determination by the Board to take "no position" means that the
shareholders should consider the information provided by Sparkle in
the Tender Offer without any recommendation or information from the
Company in deciding whether to tender Shares in response to the
Offer. DATASOURCE: Reeds Jewelers, Inc. CONTACT: Jim Rouse of Reeds
Jewelers, Inc., +1-910-350-3116 Web site: http://www.reeds.com/
Copyright
AB Svensk Ekportkredit (AMEX:RJI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
AB Svensk Ekportkredit (AMEX:RJI)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
Real-Time news about AB Svensk Ekportkredit (American Stock Exchange): 0 recent articles
Plus d'articles sur Reeds Jewlers,