A report in Canada’s Financial Post says that Toronto-based Memotec Communications Inc – which specializes in internetworking systems, notably speech over Frame Relay – has such a precarious cash flow situation that it sees being taken over as a likely option. Chief executive Marco Genoni is reported as saying We’d be open if someone came in at $4, (per share, presumably). Another reason why Memotec may find itself the target of a bid, is that its shares have been widely distributed since C-MAC Industries Inc sold its 52% stake in the company last year. The Post says that now about 65% is held by Canadian institutional investors, and that Altamira Investment Services Inc is the single largest investor with over 14%. Memotec declined to return phone calls to discuss the report.
