View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
July 10, 1997updated 05 Sep 2016 1:08pm

XPEDITE MANAGEMENT PROPOSE $200M BUYOUT

By CBR Staff Writer

The management of Xpedite Systems Inc, Eatontown, New Jersey fax and messaging services company has put forward a management buy-out proposal to buy 95% of the company’s outstanding shares for $22.50 per share, valuing the company at $202.5m. Earlier in the year a committee of the company’s independent directors began looking at ways of enhancing shareholder value. The offer is subject to at least $5m of the stock that is held by significant shareholders in the current company being rolled over to the new company. This will enable the ‘new’ Xpedite to write off the acquisition costs in one hit, what is known as recap accounting. Chief financial officer Bob Vaters said at present management owns about 7% of the stock. He added that the move does not signal a change of direction for thew company, merely a change of ownership. The management is backed UBS Partners LLC and Fenway Partners Inc. The company provides software and services for high-volume document distribution, including telex, e-mail, volume fax and mailgram services. It went public in February 1994, and raised a further $10m last August.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU