Lone Star principle Jeffrey E. Eberwein applauded the agreement in prepared statement saying, "We are encouraged by Edgewater's commitment to exploring strategic alternatives, and we are pleased to have worked together with the Board and management team to reach an agreement to expand the Edgewater Board." Lone Star had mounted in October and then withdrew a proxy fight that was aimed at getting Edgewater to agree to a buyout by Ameri Holdings, a Princeton, N.J.-based company with operations in India. Lone Star agreed it and its shareholders would not push for any additional change. Nobody has directly commented, but I wonder if Edgewater's December acquisition Oracle partner M2 Dynamics via for $16.1 million in cash had something to do with Lone Star's change of heart. M2 had $10.2 million in revenue for the nine months ended September 30 and that was added to $88.3 million in historical Edgewater revenue for that period and must have rendered obsolete the amount Lone Star was bidding for Edgewater shares.
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EDGEWATER, INVESTOR, MAKE PEACE Featured
Edgewater Technology has come to terms with Lone Star Investors, which had sought to oust the Edgewater directors. The parties this week agreed to expand the board of directors of the Wakefield, Mass.-based consulting and reselling company from six to eight and to add two Lone Star nominees, Timothy Whelan and Stephen R. Bova. The agreement also kills the immediate prospect of a takeover of Edgewater by another company.
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