JUNO ,,, Juno Lighting Considers Takeover Offer
Thursday May 12, 5:17 pm ET
Juno Lighting Hires Adviser to Consider Takeover Offer From Shareholder, Other Options
DES PLAINES, Ill. (AP) -- Juno Lighting Inc., which markets recessed and track lighting fixtures, on Thursday said it has retained an investment bank to help the company explore "strategic alternatives" that might include a sale.
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The company has hired Wachovia Capital Markets LLC to act as its exclusive financial adviser, and immediately begin a review into strategies that might boost shareholder value. The move comes after shareholder Abrams Capital LLC -- a mid-size hedge fund based in Boston -- approached Wachovia earlier this month about possibly acquiring the shares it currently doesn't own of Juno.
Abrams has preliminarily proposed a deal in which it would buy all of the outstanding shares and options of Juno at a cash price of $36 to $40 per share, according to a filing the hedge fund made with the Securities and Exchange Commission. Abrams currently holds 17.3 percent of Juno's stock.
Juno said it will "review Abrams' proposal along with other strategic alternatives and proposals that have been or may be proposed in the context of this overall assessment." The company said it is also considering refinancing its debt, an equity offering or a recapitalization, among its options to boost shareholder value.
Shares of Juno last closed for trading on May 9 at $33.90 on the Nasdaq SmallCap Market.
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