Or his resignation is in order. His action is totally unexceptable. The question is if he wanted to expand the business why in the he** he sold Universal, a cash generator for the company, less than a year ago?
The BOD should kill the deal because apparently the investors think the buyout is not such a good deal.
Universal UAM +7.36% shares lost more than 19% to $10.93 during the regular session after it announced the deal for White Plains, N.Y.-based APS. Universal is offering $147.5 million in cash to retire APS debt and another $80 million in Universal shares.
But in after-hours trading, Universal gained back some of that ground, up more than 7% to $11.72.