New Jersey’s Preserver Group, Inc. commenced its previously announced cash tender offer to purchase any and all of its shares of common stock at $7.75 per share, implementing the plan announced last month (See IJ Website Dec.19) to privatize the company.
The price will be paid net to the seller in cash, and the plan is conditioned upon the acceptance by a minimum number of 676,140 shares being tendered and certain other conditions. “The Offer and withdrawal rights are scheduled to expire at 5:00 p.m., New York City time, on Thursday, February 14, 2002 unless the Offer is extended, “said the company. Approximately 1,101,510 shares of the Company’s Common Stock are owned by the public.
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