Hi Myworld;
nice to see you here, what do you think, is ican a scam or not?
i feel very bad, how come circuit city can tell us who want to buy out the company and ican can not tell us who want to buy out ican? is the a fake mislead statement? please compare the news between circuit city can ICAN as below.
NEW YORK--(BUSINESS WIRE)--Jan. 27, 2005--IBAC Corporation (Pink Sheets:ICAN - News) has recently rejected an offer from a company to purchase The Sanibel Restaurant Group. The potential purchaser valued the offer at $8.45 million, but this valuation was never substantiated by any form of independent review.
The unsolicited oral offer consisted of $1,000,000 cash at closing and a share for share exchange or stock swap agreement with the IBAC shareholders for shares in an OTC Bulletin Board company.
The offer did not contain a bid price per share and was not a tender offer.
IBAC's board of directors believes that the value of its current holdings will increase substantially once the company executes certain contracts and takes possession of two additional restaurants. It is IBAC's opinion that the combined value of the three restaurants with the business of its subsidiary National Hospitality Management will be more beneficial to the company, future growth, and the overall well-being of its shareholders.
RICHMOND, Va. (AP) -- Circuit City Stores Inc., which has struggled to keep up with industry leader Best Buy, said Tuesday that a Boston investment firm made a $3.25 billion unsolicited offer to take the company private. Shares of the nation's No. 2 chain of consumer electronics stores surged.
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Highfields Capital Management, which holds a nearly 7 percent stake in Circuit City, made the offer after expressing dissatisfaction with the retailer's current performance. The bid represented a premium of nearly 20 percent to Circuit City's share price of $14.23 at the close of trading Monday.
