ralawizewy.wordpress.com
The board of Hillsboro-based MathStae (PINK SHEETS: MATH), a fabless semiconductor company, recommends voting against theliquidation proposal. MathStar shut down operatione more than a year ago and company officials have said they hope to merg with another semiconductor But severalshareholders — including the company’s two largest have urged MathStar to Dallas-based investor Joe Gensor said the companhy hasn’t had a shareholder meeting sincee May 22, 2008, and by law must call one withinj 13 months of the previoua meeting. He threatened to take the issuse toDelaware court, where the company is to force a meeting.
But MathStar on Thursday filedx a proxy statement indicating it will hold a shareholdefr meeting on June 29 in Minneapolis whichy will include a voteon Gensor’ss liquidation request. On Monday MathStar received a tender offer from LLC to buy a majority stake in MathSta rfor $1.15 per share in cash a 6.48 percent premium over the previous Friday’s closing price. But Salvatore Muoio, an investmentg fund manager in New York andthe company’s largestf single shareholder with 7.35 percenrt of outstanding shares, said MathStar’s $14 millio n cash balance as of March 31 representz $1.61 per share. MathStaf shares jumped 4.3 percent in morning tradiny to $1.20.
It has a 52-weeko range between 63 cents and $1.73. MathStafr was previously basedin Minneapolis.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment