NEWS Out!
Nuclear Solutions, Inc. Board Responds to Inter-Americas, Inc. Unsolicited $110 Million Bid to Purchase All Outstanding Stock
Company Indicates Buyout at $1.50 per Share Would Be Acceptable to Management
Last update: 7:01 a.m. EST Jan. 18, 2008
WASHINGTON, DC, Jan 18, 2008 (MARKET WIRE via COMTEX) -- Today, the Board of Directors of Nuclear Solutions (NSOL:nuclear solutions inc com) , responded to Inter-Americas, Inc.'s (IA) offer to buy the company for an aggregate cash price of $110 million. The Board of Directors indicated that a cash tender offer price of $1.50 per share on a fully diluted basis, plus all fees and transaction costs would be supported by the Company.
On January 17, 2008 the Board Of Directors Sent the Following Letter to Inter-Americas, Inc.
January 17, 2008
Larry Romano
President
Inter-Americas, Inc.
1700 Eastwood Drive
Woodstock, IL 60096
Dear Mr. Romano:
Our Board of Directors acknowledges Inter-Americas' (IA) interest in purchasing the outstanding common stock of Nuclear Solutions (NSOL) for an aggregate cash payment of $110 Million on a fully diluted basis as expressed in your letter of December 21, 2007.
The Board and management of NSOL are not opposed to an acquisition of the company and have considered your offer in consultation with our advisors. We are willing to expeditiously and seriously continue discussions about the terms and conditions set forth in your letter.
As you are aware, our shareholders must ultimately approve the sale of their shares and any future merger proposal. At this time, management believes that a cash tender offer price of $1.50 per share net on a fully diluted basis, plus all fees and transaction costs would be received favorably by our shareholders and recommended by the Board of Directors.
The Board and I look forward to our continuing negotiations on this topic.
Respectfully Submitted,
Patrick Herda
Chairman and CEO
