Orchard Enterprises (ORCD) Discloses $1.84/Share Takeover Proposal
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Shares of Orchard Enterprises (Nasdaq: ORCD) are higher in early trading after the company disclosed they received a letter from Dimensional in which Dimensional proposed entering into non-binding discussions with the Company regarding a potential transaction through which Dimensional would acquire all of the outstanding shares of common stock of the Company that are not currently owned by Dimensional at a price of $1.68 per share. The Board formed a Special Committee comprised of independent and disinterested directors to review and evaluate Dimensional's proposal. After preliminary discussions with representatives of the Special Committee, Dimensional revised its initial proposed price to $1.84 per share.
The Special Committee is reviewing and evaluating the revised proposal. The Special Committee has engaged independent legal counsel and an independent financial advisor to assist in its review and evaluation.
Shares of ORCD are up 60% to $1.68 in early trading.
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