North & Webster Withdraws $7.00 Acquisition Offer for CSP Inc. Cites Lack of Board Response
NEW YORK, Feb. 28, 2013 /PRNewswire/ -- North & Webster, LLC ("North & Webster") announced today that it has withdrawn its bona-fide $7.00 per share all-cash offer to acquire all shares of CSP Inc. (NasdaqGM: CSPI) ("CSP" or the "Company") it does not currently own. North & Webster stated that it has decided to withdraw its acquisition offer due to the continued refusal of CSP's Board and management to engage with North & Webster on any level regarding its offer.
"Our revised $7.00 offer represented a five-year high for CSP's common stock. We continue to believe that our proposed acquisition was fair and would have made sense for CSP shareholders," said Samuel A. Kidston, managing member of North & Webster. "We had believed that the Company was willing to engage in meaningful discussions with us due to statements that the Company would "prudently consider" and "turn to" North & Webster's offer following the 2013 Annual Meeting. The 2013 Annual Meeting has come and gone and, in total, it has been approximately 110 days since our initial offer was put forth to the Company. The Company has yet to open any dialog whatsoever."
North & Webster
Samuel A. Kidston
SOURCE North & Webster, LLC