Calling the offer inadequate, the board of directors of PerfectData Corp. in Simi Valley has rejected an unsolicited bid by the Polak Investment Group of $5.50 per share for 42% of the outstanding shares.
“The board of directors would entertain higher bids from other interested parties,” said Joseph Mazin, the company’s chief executive officer.
The company is currently expanding its Internet-access service and is focused on a high-growth strategy, including acquisitions, joint ventures and other potential business combinations. PerfectData also is pursuing international business opportunities.
Company officials said that several parties have shown interest in either a major investment in or acquisition of PerfectData, but no other formal offers have been made.
PerfectData designs and markets computer and office care and maintenance products and accessories. The products are designed to eliminate or minimize contamination in and around computers and office-automation equipment and enhance performance.
The company began its move into the high-technology field last summer with the acquisition of Starnet Universe Internet, a Web server and Internet provider.