From April 18th 2011 Email
“We are currently awaiting the completion of the audits of both the parent company and its subsidiary in India . We have been told by the auditors that the audits on the target company will be completed by the end of this month. Simultaneously, final Purchase Agreement is being reviewed by legal counsels of both parties. In addition to it, we have engaged our immigration attorneys and they have begun reviewing the status of the staffers from India”
From the June 16th 2011 Email
“Additionally, the initial review of the audits on our acquisition target has been completed and the audits are now in the process of being reviewed by the CPA firm’s internal peer review group prior to issuance. We expect to receive the final audit next week. Our company counsel will review the audits immediately upon receipt. We’ll then be in a position to enter into the Share Purchase Agreement.”
From the June22nd 2011 Email
“Additionally, we are pleased to report that we have received copies of the final audits of our acquisition target
and have delivered them to our financial experts for review prior to executing the final documents. The Officers,
Directors of Polaris International, along with our attorneys and financial advisors, will be meeting during the
week of June 27. This will include Polaris Director/Vice President Naolo Higuchi, head of our Japanese Operations who will he flying in from Japan for the meetings.”
Following this private meeting, our executive group, along with our advisors, will be meeting with the owners of
the acquisition target to discuss the final details prior to the preparation and execution of the Share Purchase
Agreement and subsequent closing of the acquisition
Didn’t they say they were, in a position to enter into the share purchase agreement in the June 16th email?
From the July 14, 2011 Email
We are also in the process of coordination the logistics for the final meeting in Los Angeles to which all parties to the transaction will be transiting from Japan, India and elswhere for the closing.
What happened at the week of the June 27th meetings?
From the July 21, 2011 Email.
Nothing really useful in this one. Other than now we are waiting on the “final audits” that they said that they had received in June. I am excluding the “revised” because they had received preliminary reports earlier in the process.
What is really going on here?
AI
