Navisite Rejects Buyout Offer from Atlantic Investors
August 10th, 2010 By: THN News
     













(The Hosting News) – On Friday, NaviSite reported that it had rejected Atlantic Investors offer to buy the company. Atlantic Investors offered $3.05 per share, in which NaviSite’s three person committee unanimously rejected. No reason was given for the rejected offer, but officials said they will continue to negotiate toward a potential sale.

Atlantic Investors currently owns close to 37 percent of the company and made the offer to buy the remaining shares on July 12. The offer was a 9.3% premium to NaviSite’s previous closing prices, which gave the company an estimated value of close to $115 million.

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