Jan 16, 2003 : Register.com Rejects Acquisition Offer

📅 January 16, 2003 - Domain name registrar Register.com (Register.com ) said this week that its board of directors has rejected an unsolicited offer to acquire the company, saying the offer of $4.95 per share is inadequate.

Barington Companies Equity Partners affiliate RCM Acquisition Co., which already holds a 4.2 percent stake in Register.com, said on Wednesday that it had presented the company's board of directors a proposal to acquire outstanding Register.com shares for $4.95 cash each, valuing Register.com at approximately $230 million.
Register.com said the offer does not reflect the company's opportunities to grow value for its stockholders. The company said that, by going public with its offer, RCM hoped to pressure Register.com's stockholders and board into selling at an inadequate price in a turbulent market.
RCM said the offer represents an 8.3 percent premium over Register.com's January 14 closing market price of $4.57 per share, and a 24.9 percent premium over the company's three-month average price of $3.96 per share.
On Thursday, Register.com said it's previously-announced restructuring plan is intended to provide significant benefit to its customers and drive long-term value for stockholders.
The company voted in October, 2002, to adopt a shareholder rights plan that would defend it against hostile takeovers.
RCM officials said it would nominate and seek the election of seven individuals to Register.com's board of directors.

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URL source: http://www.thewhir.com/marketwatch/reg011603.cfm

Company: Register.com

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