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Article: Niagara Mohawk Holdings Responds to 'Mini-Tender' Offer; Company Strongly Recommends That Shareholders Reject the Tender Offer.
- Article from:
- PR Newswire
- Article date:
- June 6, 2001
CopyrightCOPYRIGHT 2001 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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SYRACUSE, N.Y., June 6 /PRNewswire/ --
Niagara Mohawk Holdings Inc. (NYSE: NMK) has been notified that Arpine Investments, Inc. has commenced an unsolicited, so-called 'mini-tender offer' for the outstanding common shares of Niagara Mohawk Holdings at a per share price of $13.75. A 'mini-tender offer' is an offer for less than 5 percent of a company's securities.
Shares of Niagara Mohawk Holdings' common stock are traded on the New York Stock Exchange and closed June 5, 2001 at a per share price of $17.46. Arpine Investment Inc.'s tender offer price of $13.75 is 21 percent below the June 5, 2001 closing price. Since the beginning of the year, Niagara ...