Spectrum Group International Announces Proposed Cash Election Merger [Yahoo! Finance]
SPECTRUM GROUP INTL INC (SPGZ)
Company Research
Source: Yahoo! Finance
leading companies concentrating on numismatics (coins) and paper currency, announced a proposal to effect a cash election merger, in which certain eligible shareholders could elect to receive either cash consideration of $22,000 per share of the Company's common stock or shares in a new holding company. In the transaction, the Company will merge with a newly formed indirect wholly-owned subsidiary of the Company. Shareholders of the Company that are accredited investors, as that term is defined under the federal securities laws, and that own more than three shares of common stock will be eligible to make an election to receive the cash consideration or stock of another newly formed entity, of which the Company would become a wholly-owned subsidiary. All other shareholders would receive the cash consideration. In particular, no offer to receive the stock consideration is being made to any shareholder that is not an accredited investor. The Company will be soliciting written consent
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