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Article: Activists Angle For North Pittsburgh Sale.
- Article from:
- Mergers & Acquisitions Report
- Article date:
- May 7, 2007
- Author:
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If activist shareholders succeed in pushing North Pittsburgh Systems Inc. (NPS) onto the block, the $305 million market cap rural telephone company could sell for more than $390 million.
The activist group is the company's second largest shareholder with 6.58% and consists of Bulldog Investors LLC, Santa Monica Partners LP and Monarch Activist Partners LP. The group nominated two candidates for NPS's seven-director board and proposed that the company void its poison pill and seek a cash sale, filing their latest proxy on April 23. Its proposals will be voted on at NPS's annual meeting. A date has not been announced, but the company has stated the meeting will take ...