Sep. 23, 2013, 1:58 PM
- Cogo's (COGO +6%) Audit Committee has signed an agreement to sell 30.4% of the company's assets to founder and CEO Jeffrey Kang for $80M. The transaction is expected to close before the end of the year.
- The pieces in question generated 98.7% of Q1 revenue. The market appears skeptical, with the stock trading at a market cap of ~64M.
- Previous: Cogo +14% premarket after CEO says asset acquisition going well
Sep. 9, 2013, 8:26 AM
- Cogo Group (COGO) +14.3% premarket after CEO Jeffrey Kang says his offer to acquire ~30% of the company's assets which generated 98.7% of its Q1 2013 revenues is progressing smoothly since it was announced July 15.
- The letter of intent calls for a purchase price of $80M and reiterates COGO will not go private.
Jul. 15, 2013, 4:03 PMCogo (COGO +23.9%) soars after founder/CEO Jeffrey Kang proposes to buy 30.5% of the company's assets (responsible for 98.7% of its revenue) for $80M, through a wholly-owned company. Kang's company would also be required to pay Cogo's remaining units $750K/quarter until the end of 2014. Cogo is closing trading with a market cap of $79.9M. This isn't the first time Kang has made such a proposal. | Comment!
Mar. 15, 2012, 5:22 PMIn tandem with its Q4 report, Cogo Group (COGO) announces chairman and CEO Jeffrey Kang has proposed to acquire roughly 30% of the company's "total assets, liabilities, and revenue" for a price of $60M-$82M. Kang would continue to serve as chairman and CEO following the deal's closing. Cogo, which closed trading with a market cap of just $66.4M, is up 74.2% AH. | Comment!
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