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KIT Digital (KITD +4.6%) has rallied to $0.74 on news ex-chairman/CEO Kaleil Isaza Tuzman...

  • Wednesday, December 5, 2012, 1:45 PM ET
    KIT Digital (KITD +4.6%) has rallied to $0.74 on news ex-chairman/CEO Kaleil Isaza Tuzman (previous) has offered to buy the company for $1.35-$1.70/share. Tuzman had offered $3.75/share in November in a deal that would've required P-E support, but few expected that bid to remain following the bloodbath KIT shares saw last month on news it's restating results and running out of cash.
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    Here is what I don't understand - why does KIT buy it in the open market? Leads me to believe he is posturing - and the market thinks exactly the same, hence the price stuck around the point where he had made his first offer (~$0.75). Something doesn't make sense here.
    5 Dec 2012, 04:19 PM Reply Like
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