Monthly Archives: July 2013

Another Special Dividend From PTGi on its Way

(Market Cap $167 million) Primus Telecommunications Group, Incorporated has completed the initial closing of its previously announced sale of its North American retail telecommunications operations in the United States and Canada to affiliates of York Capital Management. The initial transaction generated gross proceeds prior to transaction expenses of $126 million. $15.25 million of the gross…

Halliburton Announces Dutch Tender for Shares

(Market Cap $41 billion) Halliburton is commencing a modified  “Dutch auction” tender offer to repurchase shares of its common stock  for an aggregate purchase price of up to $3.3 billion. Pursuant to the tender offer, company stockholders may tender all or a  portion of their shares (1) at a price specified by the tendering  stockholder of…

ONEOK Inc. Announces Spin-Off

(Market Cap $8.8 billion) ONEOK, Inc. has announced a plan to spin off the company’s natural gas distribution business into a standalone publicly traded company. Under the plan, ONEOK shareholders would retain their current shares of ONEOK stock and receive a pro-rata dividend of shares of stock in the new company in a transaction that is…

Maxcom Telecom To Restructure Debt

(Market Cap $100 million) Maxcom Telecomunicaciones, S.A.B. de C.V. intends to utilize a 30-day grace period with respect to today’s scheduled interest payment of approximately US$11 million on its 11% Senior Notes due 2014 to allow the Company to continue discussions with a new investor and certain of the noteholders to recapitalize and reorganize the Company’s debt….

Redux Disappointed with PMC Commercial Transaction

(Market Cap $101 million) July 19, 2013  Board of Trust Managers PMC Commercial Trust 17950 Preston Rd, Suite 600 Dallas TX 75252  Ladies and Gentlemen:  As you know from our most recent 13D filing of May 17, 2013, REIT Redux’s filing group controls 5.5% of PMC’s outstanding shares.  We are writing today to express our…

Weiss Family Counters With Slides on American Greetings

(Market Cap $615 million) Item 4 is hereby supplemented with the following information: On July 22, 2013, the Family Shareholders filed an investor presentation (the “Investor Presentation”) on Schedule 14A in connection with the Transaction. The Investor Presentation contains a discussion of certain of the views of the Family Shareholders regarding the Transaction. The Investor…

Voce Capital’s Letter to Solta Medical

(Market Cap $187 million) July 19, 2013 Members of the Board of DirectorsSolta Medical, Inc.25881 Industrial BoulevardHayward, CA 94545 Attention: Corporate Secretary Ladies and Gentlemen: We write to continue the dialog that took place surrounding and during the shareholder meeting of Solta Medical, Inc. (“Solta” or the “Company”) on June 5, 2013. The overwhelming defeat…

TowerView’s Slide Presentation on American Greetings

TowerView on July 18, 2013 made a telephonic presentation to Institutional Shareholder Services (ISS) detailing its objections to the proposed going private transaction by the Weiss family.  TowerView, as part of this call, used a “slide deck” which is attached to this filing as an exhibit. TowerView currently intends to vote against the transaction.

Meson Capital Bids for InfuSystem

July 17, 2013 Special Committee of the Board of Directors InfuSystem Holdings, Inc. 31700 Research Park Drive Madison Heights, Michigan 48071 Gentlemen: Meson Capital Partners LP and I are pleased to set forth our good faith indication of interest to acquire, through a newly-formed entity, InfuSystem Holdings, Inc. (“InfuSystem” or the “Company”) for between $1.85…

Insignia Systems to Tender for 41% Shares

(Marker Cap $31 million) Insignia Systems, Inc. has commenced a “modified Dutch auction” tender offer to purchase up to $12 million of its common stock. Under the terms of the tender offer, the Company’s shareholders will have the opportunity to tender some or all of their shares at a price within the range of $2.15…

Engaged Capital Sees Unrecognized Value in AeroVironment

(Market Cap $459 million) The Reporting Persons acquired the Shares because, in their opinion, such Shares are undervalued and represent an attractive investment opportunity.  The Reporting Persons believe the Issuer’s share price does not adequately reflect:     1. The potential for significant earnings and cash flow growth from the Issuer’s core Unmanned Aircraft Systems (“UAS”)…

Arden Group to Explore Strategic Alternatives

(Market Cap $344 million) Arden Group, Inc. has initiated a process to  explore and evaluate strategic alternatives, which may include a  possible sale of the Company. The Company has retained Moelis & Company  as its exclusive financial advisor to assist the Company in connection  with the strategic review process. The Company has not made a…

Starboard Has Engaged FA to Explore Superior Proposal

Purpose of Transaction. Item 4 is hereby amended to add the following: In a letter to the Board of Directors of the Issuer dated June 17, 2013, Starboard indicated its intention to fully explore the possibility of whether a piece-by-piece sale of the Issuer’s valuable, yet disparate, operating divisions to interested third parties could yield…

HG Vora Capital Seeks Privatization of Chatham Lodging

(Market Cap $319 million; HG Vora owns 9.8%) The Reporting Persons have acquired the Issuer’s Common Stock for investment purposes, and such purchases have been made in the Reporting Persons’ ordinary course of business. As part of their ongoing monitoring and assessment of their investment in the Company’s Common Stock, the Reporting Persons conducted a…

Coppersmith’s Follow-Up Filing on Alere

(Market Cap $2.2 billion) Item 4 is hereby amended to add the following:   On July 8, 2013, the Reporting Persons delivered a letter to the stockholders of the Issuer detailing a plan to create near-term value and strengthen the Issuer’s overall business.  In the letter, the Reporting Persons stated their belief that the Issuer…

Post-Reorg Tribune Company Announces Spin-Off

(Market Cap $5.4 billion) Tribune Company intends to pursue the seperation of its broadcasting and publishing businesses into two distinct companies. The proposed separation is designed to maximize shareholder value through the spin-off of Tribune’s publishing assets to an independent company and the tax-free distribution of shares in that company to the stockholders of Tribune.  The two…

Weyerhaeuser To Explore Strategic Alternatives

(Market Cap $16 billion) Weyerhaeuser Company’s board of directors has authorized the exploration of strategic alternatives with respect to Weyerhaeuser Real Estate Company (WRECO), Weyerhaeuser’s homebuilding and real estate development business. The board intends to consider a broad range of alternatives including, but not limited to, continuing to hold and operate WRECO, or a merger,…