Buyers have until 5pm EST on Monday, January 19, to submit an offer to Candlewood Partners LLC, the company’s financial advisor. The board of directors will then review any proposed agreements submitted, and will enter into discussion with the entity offering the best deal.
Only days ago, the NetPerceptions Inc rejected an unsolicited offer tabled by Obsidian Enterprises Inc. In a statement, NetPerceptions called Obsidian’s offer inadequate and urged shareholders to reject it outright. The board said it still favored its original liquidation plan, proposed last October. Under the terms of this plan, shareholders would be given an estimated $0.41 and $0.45 a share in cash.
The Minneapolis, Minnesota-based relationship marketing and personalization software supplier had initially prospered because it offered analytical CRM software at a time when many of the established players were only offering operational-based CRM solutions. However, it did not have enough resources and the customer base to exploit its head start and the big players either brought in analytical technology or developed it in-house.
Over the past few years, Net Perceptions spiraled downwards, and revenue of $36.6m in 2000, plunged to $10.2m the following year, and to $5.2m in 2002. In the end it gave up its sales efforts, garnering dwindling income from maintenance and services from existing customers. As a consequence, in its latest quarter to September 30, it made a net loss of $1.7m on sales of $438,000.
This article is based on material originally produced by ComputerWire.
