Shirley Singleton, Edgewater TechnologyThe Edgewater Technology board of directors has unanimously rejected the takeover bid it has received from Ameri Holdings. In a letter to Jeff Eberwein, the activist investor who heads Lone Star Investors, Edgewater's lead independent director Wayne Wilson that "the Proposed Transaction is grossly inadequate and not in the best interests of Edgewater's shareholders." Lone Star joined AmeriHoldings in the takeover bid. AmeriHoldings, headquarter in Princeton, N.J., operates via Ameri100.

However, its management is primarily of Indian origin and in its solicitation of Edgewater shareholders it pictured Edgewater's business model as outdated and said its model of American front-line and Indian back office staff is superior. It also seeks to dump the board of the Dynamics AX reseller, except for CEO Shirley Singleton, and replace them with its own five nominees, claiming the company overpays its management for poor performance. AmeriHoldings and Lone Star hold about 5.3 percent of outstanding shares. The insurgents remain on the attack. In an updated proxy dated November 10, the group wrote, "We question whether the current directors are placing their personal interests ahead of stockholders' interests."

Last modified on Thursday, 12 November 2015
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