In 2012, the board initiated a review of strategic alternatives.
CVTech said the missive from Aubert Air Max 90 Premium Mesh who resigned as a director on Jan. 24 contained and incomplete information. receiving an initial conditional and non binding offer on Dec. bidder that it would initiate a process to solicit competing offers. The company then withdrew its offer.
Aubert said the offers were and should have been pursued by CVTech board.
It said the unnamed contractor initially offered $1.65 per share on Jan. 30. The bid was increased the end of March, but was again rejected by CVTech.
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CVTech Group accused former director of leaking privileged information
fact that CVTech could create value by being a consolidator in the transmission and distribution, construction and maintenance space, he wrote in a report.
After it received another offer in January that included less favourable conditions, CVTech said it rejected the bid.
It added that Aubert moves have affected employee morale and harmed the company image.
Analyst Pierre Lacroix of Desjardins Capital Markets described the rejected bid as because it highlight the value embedded in CVTech shares.
However, it said the process was interrupted due to a proxy fight initiated by Aubert at last year annual meeting.
The Quebec company shares (TSX:CVT) popped after Gestion G. Aubert Ltd. disclosed that a leading NYSE listed electrical contractor offered $1.95 per share, representing a 70 per cent premium.
to power utilities.
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MONTREAL CVTech Group accused a former director of leaking privileged information after shares of the company surged more than 20 per cent on news a takeover bid was twice rebuffed by the company.
in its core markets, especially in Quebec where it holds about one third market share, makes the possibility of being a takeover target interesting for shareholders, Lacroix added.
It said a third offer received included a price that was less than the valuation set by an independent committee to review strategic alternatives.
Gestion G. Aubert, owned by Guy Aubert, is CVTech second largest shareholder with a 14 per cent stake in the company which provides various services Nike Air Max 90 Ultra Triple Black
the very least, shareholders should have been informed and allowed to decide whether or not the company should be sold, Guy Aubert wrote in the letter to shareholders.
corporation management is of the opinion that Mr. Aubert recurring actions disrupt the board efforts prevent it from carrying out its principal mandate to maximize shareholder value by internal growth and acquisitions, it stated after markets closed.
CVTech said the board then decided to focus on its business plan that included acquisitions to expand its geographic reach and expertise instead of to invest time and money in analyzing insufficient proposals.
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