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Article: Ride Directors Find Minotaur Unsolicited Offer Illusory and Inadequate.
- Article from:
- PR Newswire
- Article date:
- April 19, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PRESTON, Wash., April 19 /PRNewswire/ -- Ride, Inc. (Nasdaq: RIDE) today announced that its Board of Directors has unanimously determined that the unsolicited tender offer by Minotaur Capital for 51% of the outstanding shares of Ride at $2.25 per share payable by a non-interest bearing promissory note due in one year (subsequently amended to eight months) is inadequate and not in the best interests of its shareholders, and has unanimously recommended that Ride shareholders reject the Minotaur Offer and not tender their shares to Minotaur.
In reaching its determination and recommendation described above, the Board considered a number of factors including the ...