6:40 PM -- Investment sources watching Carrier Access Corp. (Nasdaq: CACS) say the company's founder and former CEO, Roger Koenig, has confirmed that Carrier Access has been showered with received multiple offers for the company.
The offers are characterized by our sources as being "in the $5 to $6 range," which is well below what the company could have fetched earlier. Or before that.
According to one investor who claims to have talked to Koenig in the past month:
"I asked him twice about the offers being made and he twice he confirmed that, 'Yes, we have offers as a part of the strategic alternatives review process.' He would not elaborate as to the structure of these offers. He also said that 'more interested parties have emerged now when the stock price has come down.' "
A call to Carrier Access to ask about the conversation wasn't returned.
The bad news? Shares of Carrier Access are down about 46 percent year-to-date. The good news? Apparently, more suitors line up as the share price plummets.
Wall Street analysts have the company losing $1.03 a share on revenues of $32.6 million this year, according to Thomson Financial .
re: CACS Update re: "Hmmm, how about the fact that your mostly unnamed sources that say a deal is in the works appear to be people who would benefit from a pop in the stock, as opposed to people with no self interest?"
And here (http://www.lightreading.com/do... we have a named source and analysis that shows that the company's tech and market prospects appear to be getting worse, making it less likely that the company can fetch a good price and less likely that there will be a pop in the stock.
re: CACS Update Hmmm, how about the fact that your mostly unnamed sources that say a deal is in the works appear to be people who would benefit from a pop in the stock, as opposed to people with no self interest? Aside from the fact that, if you are still running the story when the stock has fallen another 40-50-60-70%, it is self-evidently stoopid.
But if it doesn't bother you, i won't let it bother me any further.
re: CACS Update Phil, I think the point being raised is not that you are "taking a side;" it's that your story is "stoopid."
You're not acknowledging that an investor is not a reliable source for the information you are giving; they have obvious motives to be dishonest to you, trying to pop the stock. Who knows whether that was your source's actual intent, but it can't be ignored that that was the result. The stock did pop today because of your blog, so you have to wonder if you were just played here.
Perhaps of greater concern is that you attributed to an anonymous source the "confirmation" of information by a non-anonymous source, Koenig, who sits on the CACS board. That's basically the definition of heresay. How'd you like to see a story saying that "anonymous sources" say Phil Harvey has "confirmed" to them that he does inappropriate things with goats?
As schmitt pointed out, if the actions you're attributing to Koenig constitute illegal behavior, you have levelled an awfully serious charge against him based on an anonymous source with a clear motive to be dishonest. This is all just ugly.
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