Meta Group Chairman To Explore Taking Co Private 08/03 5:51 am (ON) Story 0909 (METG)
WASHINGTON (Dow Jones)--Meta Group Inc. (METG) Chairman Dale Kutnick said Tuesday that he is forming a new company as a vehicle to explore taking Meta Group private.
According to an amended Schedule 13D filed with the Securities and Exchange Commission, Kutnick is forming Pangea Management LLC with Fulton Capital Management's Henry Skelsey. Pangea will explore acquiring 100% of the outstanding common stock of Meta Group through a merger, a tender offer or other corporate transaction, the filing said.
Kutnick and Skelsey have an aggregate stake in Meta Group of 14.8%, with beneficial ownership of 2,083,390 shares.
If Pangea acquires 100% of Meta Group's stock, Kutnick and Skelsey would replace Meta Group's board of directors, the filing said.
Kutnick said there's currently no agreement between Pangea and Meta Group, and he didn't provide an estimated cost for taking the company private in the filing.
<WILD_SPECULATION> Near-term price will stabilize at 4.10, and won't grow past 4.50 even if these rumors persist and get more serious. They will do this before EOY, or not at all. Their threshold of pain is around the 4.50 mark, and stock doesn't merit a better price at this point anyway.</WILD_SPECULATION>
More power to DK; I hope he is able to do this, and take METG to new highs. I don't hold the stock anymore, but I sure loved that company.