The board of fax and messaging company Xpedite Systems Inc has declined to take the bait of a management buyout offer, despite the management and its partners extending its offer by four days until last Thursday. The offer was for $22.50 per share, valuing the Eatontown, New Jersey company at $202.5m. There were talks between the board, management and its partners, UBS Partners LLC and Fenway Partners Inc, but the company’s chief financial officer bob Vaters wouldn’t go into further details. It’s up to the board to decide if it wants to sell the company to anyone else or carry on as it is (CI No 3,200).
