IDS Updates Homeland Security Worldwide (HLS) Offer to Acquire IDS Common Shares
Thursday July 13, 2:28 pm ET
HLS to Submit Formal Written Offer by July 20, 2006
ORLANDO, FL--(MARKET WIRE)--Jul 13, 2006 -- IDS Worldwide, Inc. (Other OTC:IDWD.PK - News) reported that it had concluded meetings with the executives of HLS today and HLS executives will be returning to Dubai this weekend. HLS has informed IDS that upon their return to their headquarters on Monday they would have their advisors immediately draft a formal written offer to acquire the outstanding shares of IDS common stock for $2.35 per share. HLS purchases in the open market from the public float and limited purchases from restricted stock of insiders will allow HLS to achieve majority control.
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IDS feels that when consummated the $2.35 per share will benefit the majority of the public stockholders. The buyout will not include the 995ad.com division which will have its own registration.
HLS has informed IDS it will use funding facilities with its current bankers and a $50 Million Bond offering overseas that has been planned previously for expansion and worldwide acquisitions. If accepted, its offer for IDS common stock will not involve stock but would be an all-cash purchase offer.
HLS has increased its offer to $2.35 per share and informed IDS upon acceptance of the offer HLS would have its banker JPMorgan Chase set up the appropriate closing escrow accounts. IDS has informed HLS that upon acceptance of the offer HLS will have to pay a $5 Million non-refundable deposit to be placed in the escrow accounts till closing.
