IASG goes to the bank
ALBANY, N.Y.--In late December, Integrated Alarm Services Group, a holding company for several businesses in the security industry, hired Allen & Company, a New York City investment bank, to assist the company's management and board of directors in scouting strategic options to increase shareholder value.
The move comes after Contrarian Capital Management, a hedge fund which owns 13 percent of IASG, addressed the company's falling stock price, which fell from $9.25 a share in July 2003, when the company went public, to $2 in November. Contrarian suggested that IASG appoint an investment bank to help examine the company's options, including sale of the company.
IASG said Allen & Company may consider acquisitions, strategic joint ventures, recapitalizations, mergers, divestitures and/or share repurchases.