P.M. BRIEFING : REI Shuns ‘Coercive’ Takeover Bid
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DALLAS — Recognition Equipment Inc., battling federal bid-rigging charges, today rejected a $78-million takeover bid by a New York investment firm but said the company is in “preliminary stages of negotiation” with several other suitors.
REI’s board said the $11-per-share offer by the Prospect Group Inc. is “coercive, inadequate and not in the best interests of the company and its stockholders.”
Chairman Tom Ringer, who took over after former Chairman William G. Moore Jr. was indicted on bid-rigging charges, said REI is looking for buyers as well as considering pursuing “management’s long-term business plan.”
Dallas-based REI makes document management systems, including automated mail sorters.
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