Speech recognition firm MedQuist of Mount Laurel, NJ, said that its shareholders have received an unsolicited tender offer from an investment firm seeking to buy a minority stake in the firm.
The company said that Costa Brava Partnership III has made an offer to buy 1.4 million shares, representing about 3.7% of the company's outstanding share of stock, at a price of $12.25 per share. MedQuist said it is not associated with Costa Brava, and remains neutral on the offer due to the lack of currently available public information about it.
Offers like the Costa Brava bid are often referred to as “mini-tender offers” because the offeror seeks to own less than 5% of the outstanding stock of the target company, thereby avoiding many disclosure and procedure requirements of the U.S. Securities and Exchange Commission (SEC), MedQuist said.
By AuntMinnie.com staff writers
August 14, 2007
Related Reading
MedQuist delays Q2 financials, August 10, 2007
MedQuist brokers coding agreement with CHW, July 19, 2007
MedQuist explores strategic alternatives, July 12, 2007
Philips reviewing MedQuist stake, July 10, 2007
MedQuist files overdue SEC reports, July 6, 2007
Copyright © 2007 AuntMinnie.com
