SecurexÃ¢â‚¬â„¢s offer for a number of Microtec shares extended
ST-AUGUSTIN, Quebec - The deadline has come and gone for SecurexÃ¢â‚¬â„¢s offer to purchase up to 971,050 shares of Microtec Enterprises, a provider of residential and commercial security services.
The offer, which was originally open for acceptance until March 26, has now been extended until April 16, according to Kevin Hooke, vice president of corporate finance at Wellington West Capital and a spokesman for Securex.
Hooke noted that Securex, a provider of financial services to the security industry, has already received a number of shares in the transaction, but the company is just shy of the number that represented its maximum. Although the number of shares is significant in that it will give Securex a meaningful position in Microtec, it is not looking to assert any control.
Ã¢â‚¬Å“ItÃ¢â‚¬â„¢s an effective means to achieve a sizable position in the company,Ã¢â‚¬Â Hooke said. Ã¢â‚¬Å“They think there might be some strategic benefits down the road, but initially itÃ¢â‚¬â„¢s for investment purposes.Ã¢â‚¬Â
The shares Securex hopes to secure was specifically chosen to represent a 19.9 percent share of the company, a percentage which does not trigger takeover obligations.
Michel Gosselin, executive vice president and chief executive officer of Microtec, declined to comment on the offer, but in a press release at the end of March, the company stated it has taken several initiatives to improve its balance sheet and reduce debt. The release also mentioned that the company is involved in advanced negotiations with a new investor who would assist in improving the companyÃ¢â‚¬â„¢s financial situtation.