US: Hirsch CEO makes bid for company
The CEO of Hirsch International has made a bid to buy the company for US$0.28 per share in cash.
The embroidery equipment supplier said its board of directors had received a letter from Paul Gallagher, president, chief executive officer and chief operating officer of the company, proposing to acquire it.
The acquisition would be made through a new corporation to be formed by Gallagher.
Gallagher said in his letter that his offer depends on the satisfaction of customary conditions, including obtaining sufficient financing to complete the transaction and operate the company after the closing of any transaction.
Gallagher indicated that he has entered into a commitment letter with a financial institution which he anticipates will provide sufficient funds for these purposes.
A special committee, which is comprised of three independent directors, was established in February by the board of directors to consider the company's strategic alternatives.
The committee will review this proposal and any alternative proposals that it may now receive, the company said.
Sectors: Fibres & fabrics
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The CEO of embroidery equipment supplier Hirsch International completed the deal to acquire the company in a move that takes the company private....
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