However, the bidders withdrew their proxy consent solicitation offer in light of Edgewater's action this week. In a prepared statement, lead independent director Wayne Wilson notes the board's support for management's strategic plan. "Our Board is committed to acting in the best interests of shareholders and believes it is appropriate to explore strategic alternatives that might provide additional opportunities to enhance value for shareholders," Wilson wrote. The Lone Star/Ameri Holdings proposal had called for the remove of five Edgewater directors, with the exception of CEO Shirley Singleton. The battle began on June 18 when the investor group sent its initial proposal of 50 percent cash and 50 percent Ameri Holdings shares to Edgewater. Signal Hill Capital Group is serving as Edgewater's financial advisor and Hinckley, Allen & Snyder LLP and Jones Day as legal counsel.
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EDGEWATER REVIEWING OPTIONS Featured
In the face of a hostile takeover bid, Edgewater Technology has authorized the review of choices that could enhance shareholder value. The decision by the board of directors of the Dynamics reseller comes as the company's management faces a hostile takeover attempt by Lone Star Value Investors and Ameri Holdings, which have submitted a bid of $8.50 per share for all of Edgewater's shares. The Edgewater board has unanimously rejected the offer.
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