TITLE

Clarke drops Shermag offer

AUTHOR(S)
Knell, Michael J.
PUB. DATE
April 2008
SOURCE
Furniture/Today;4/28/2008, Vol. 32 Issue 33, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the withdrawal of investment firm Clarke Inc. of its proposal to acquire struggling furniture manufacturer and importer Shermag. Rob Normandeau, chief operating officer of Clarke, which holds almost 20 percent of the firm's shares said that acquiring Shermag's was not presently in the best interest of Clarke shareholders. Meanwhile, Shermag's board claims that Clarke's proposed price was below the established range of valuators and independent directors.
ACCESSION #
31910852

 

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