KIT digital (KITD) Gets Indications of Interest from Several Bidders

June 13, 2012 7:29 AM EDT
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KIT digital (Nasdaq: KITD) shares are slightly lower ahead of the opening bell Wednesday despite reports the company received offers from several parties interested in "making a deal."

Citing a filing made with the U.S. SEC early Wednesday, KIT said it received "several inquiries with respect to a potential transaction." KIT has recently been looking into strategic alternatives for the company, forming a Strategic Transaction Committee in the first-quarter 2012 in the process. KIT tapped Deutsche Bank as an advisor in the process.

KIT noted JEC Capital Partners, K. Peter Heiland, and Costa Brava Partnership III L.P "jointly proposed four candidates for addition to the Company board of directors" last Friday, June 8th.

In addition, KIT execs met with JEC Capital Partners and Costa Brava on Monday.

According to the filing: "The Company indicated a willingness to consider their proposed candidates, along with other potential candidates, but was unable to reach agreement on either the number of potential candidates to be appointed or the timing of such appointments, as JEC Partners and Costa Brava insisted that all four of their proposed directors be appointed to the board."

CT Partners has been engaged with respect to finding new Board members for KIT. As of the June 13th filing, no transactions have taken place.

Shares of KIT are up about 18.2 percent over the last three sessions.

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