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The Wet Seal, AŞ Message Board

  • smaycs4 smaycs4 Feb 15, 2013 10:19 AM Flag

    Clintons tender offer sugggestion is mildly bullish considering they would NOT tender

    On February 13, 2013, CGI sent a letter to the Board applauding the swift actions of the new Board, including the appointment of a new Chief Executive Officer, the reduction in overhead costs, the announcement of a share buyback plan and the resolution of various EEOC matters, and encouraging a more aggressive approach to returning excess capital to shareholders. In particular, CGI suggested implementing a Dutch Auction self-tender offer, which would likely permit the Issuer to return to shareholders as much as an additional $35 to $55 million in capital this quarter. CGI noted that, given the long-term prospects of the business and CGI's confidence in the ability of the Board to affect positive change, CGI and its affiliates would not tender their shares of Class A Common Stock in such a tender offer but there do appear to be other shareholders who would tender.