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Onvia Inc. Message Board

  • kg2931 kg2931 Nov 21, 2002 2:48 PM Flag

    ONVI - new DGR 12/6/02 Deadline

    I say DGR should just wait for ONVI and Broadview Inc to conclude their analysis of creating best share holder value for shareholders of ONVI stock. This cannot, should not and will not be done by Dec 6th.

    Thursday November 21, 9:30 am ET
    SEATTLE, Nov. 21 /PRNewswire/ -- DGR Enterprises, Inc. ("DGR Enterprises" or "DGR") announced today that it has agreed to extend until 5:00 p.m. (PST) on Friday, December 6, 2002, the time the Board of Directors of Onvi.com, Inc. ("Onvia" or the "Company") Nasdaq: ONVI - News) has to respond to DGR's proposal dated November 14, 2002, to purchase all of the outstanding shares of Onvia for 3.50 per share in cash, or approximately $26.8 million. The November 14 proposal was to expire in accordance with its terms at 5:00 p.m. (PST) on Monday, November 18, 2002. A copy of DGR's extension letter to the members of Onvia's Board is attached.

    A spokesman for DGR noted that "in response to Onvia's request, we are agreeing to extend the time Onvia has to respond to our offer in order to give the Board of Directors and Broadview International LLC, its financial advisors, a reasonable period of time to fully evaluate our proposal. However, in light of Broadview's prior engagement by the Company to evaluate all possible strategic alternatives, which ended in July 2002 after an exhaustive review of nearly one year, and their general familiarity with DGR's proposal, we are extending this time only until Friday, December 6, 2002. We believe that in the more than fifteen months since Broadview was first retained the Board of Directors has had ample opportunity to inform itself of the
    strategic alternatives available to maximize shareholder value and that additional time should not be required to implement the best alternative." The DGR spokesman went on to reiterate "that the $3.50 proposal constitutes DGR's best and final offer."

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    • The answer resides right in your own post (sorry for not "helping" again):
      "However, in light of Broadview's prior engagement by the Company to evaluate all possible strategic alternatives, which ended in July 2002 after an exhaustive review of nearly one year, and their general familiarity with DGR's proposal, we are extending this time only until Friday, December 6, 2002. We believe that in the more than fifteen months since Broadview was first retained the Board of Directors has had ample opportunity to inform itself of the
      strategic alternatives available to maximize shareholder value and that additional time should not be required to implement the best alternative.""

 
ONVI
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