UNDER PRESSURE DANKA CHANGES TERMS OF SALE TO KONICA MINOLTA

  • facebook-tonernews-12-08-2016
  • 2toner1-2
  • big-banner-ad_2-sean
  • 536716a_green_sweep_web_banner_902x17712
  • 161213_banner_futorag_902x177px
  • toner-news-big-banner-nov-8
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
  • Print
  • futor_902x177v7-tonernew
  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • cartridgewebsite-com-big-banner-02-09-07-2016
  • 4toner4
Share

UNDER PRESSURE DANKA CHANGES TERMS OF SALE TO KONICA MINOLTA

 user 2008-06-24 at 4:01:49 pm Views: 47
  • #20264

    http://www.bizjournals.com/tampabay/stories/2008/06/16/daily31.html?jst=b_ln_hl
    Danka Business Systems changes terms of proposed sale to Konica Minolta
    Bowing
    to investor pressure, Danka Business Systems PLC said it would change
    the terms of the planned sale of its U.S. operating subsidiary to
    Konica Minolta Business Solutions U.S.A. Inc.An amended version of the
    plan will allow shareholders to approve the proposed sales regardless
    of a separate proposal to conduct a voluntary liquidation of the parent
    company, according to a release from Danka , a London company whose
    U.S. operations are based in St. Petersburg.

    The changes were
    made in response to recent statements by a number of the holders of
    Danka’s American Depository Shares, the company said. Those
    shareholders, including Ironwood Investment Management LLC in Boston
    and DCML LLC in New York, said they supported the planned $240 million
    sale of Danka Office Imaging Co., but did not support the liquidation
    as proposed.Danka’s board of directors determined it was in the best
    interest of Danka and its shareholders to no longer condition
    completion of the sale upon shareholders approval of the liquidation,
    and that completing the sale of Danka Office Imaging to Konica Minolta
    in a timely manner is of paramount importance, the release said. The
    sale is due to close by June 30, three days after shareholders meet to
    vote on the liquidation.Under the original plan, the company would have
    used the sale proceeds to repay all of its outstanding debt, then
    distribute remaining proceeds to shareholders. Holders of American
    Depository Shares were in line for 10 cents a share, a fraction of the
    amount that would have been received by the company’s largest
    shareholder, Cypress Merchant Banking Partners II LP.The Danka release
    did not address what changes, if any, are expected in the distribution
    of proceeds under the revised plan.