Yesterday, Enpointe Technologies (ENPT), a global business-to-business IT provider, agreed to be acquired by its founder and CEO Attiazaz (“Bob”) Din and his family for $2.50 in cash per share. The Din family are major shareholders owning about 26% of the outstanding shares of common stock.
The board approved the merger and is recommending shareholder approval. There is a 30 day “go shop” clause in the agreement whereby a special committee representing the company can solicit higher bids. Closure of the deal is dependent upon the usual customary requirements such as regulatory and shareholder approval as well as debt financing by Mr. Din who has already supplied a letter of commitment.
The company has made no statement as to when the transaction might close but I'm guessing near the end of the second quarter or the beginning of the third. I added the stock today to the MANDA portfolio at a price of $2.20 which represents a 13.6% return upon deal completion.
The MANDA portfolio table will be updated shortly to reflect the addition.
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