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Quite the story of this buyout. It's no

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ZachBuffett   Friday, 11/20/15 01:48:11 PM
Re: Drill Baby post# 266
Post # of 276 
Quite the story of this buyout. It's no wonder management wasn't very responsive to reaching out in the past few years, this deal has been in the works for 2 years! It's also no wonder where the buyout was, they have been going back and forth on the price while the company has been growing and becoming more profitable, although it has been revised up a few times. But that $1 buyout in 2013 seems different than $1.08 in 2015. The whole document is a good read. I hope they do actually hold the meeting, i might go down for it.

http://secfilings.com/searchresultswide.aspx?link=2&filingid=11025166

Quote:
During the period of its engagement between June 2013 and February 2014, VPC approached over 80 parties (which included companies with a strategic interest as well as potential financial sponsors) and had initial conversations with 20 of them. Of this group of 20 potential buyers, 17 desired to obtain confidential information about the Company and each executed a nondisclosure agreement to evaluate a potential business transaction or arrangement with the Company. Nine parties held detailed conversations and/or meetings with management related to the Company’s business operations, products and/or financial position, and four visited the Company’s facilities and corporate headquarters. Two strategic parties expressed verbal interest in the fulfillment part of the Company’s business in the range of $6 million to $10 million, subject to a successful sale of the technology portion of the Company’s business. However, the sale of the Company’s technology did not materialize and no written offers were received for the fulfillment side of the business. In July 2013, a financial group provided an initial non-binding expression of interest to purchase 100% of the Company’s common stock for a purchase price of $1.00 per share, which was conditioned upon, among other things, a sale of Company technology for at least $17 million and required further financing. Due to these conditions, the Board did not pursue this transaction , and the financial group did not revise its proposal or express further interest.






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