EAST HANOVER, N.J., Feb. 10, 2016 /PRNewswire/ -- Wilshire Enterprises, Inc. ("Wilshire") today announced that, in response to a letter from Bond Purchase, L.L.C. ("BP") (a copy of which is attached to this press release) expressing a desire to purchase 20% or greater of the issued and outstanding shares of Wilshire common stock, the special committee of the board of directors of Wilshire (the "Special Committee") has determined in good faith, after consultation with the Special Committee's outside legal and financial advisors, that the attached correspondence (as well as the related prior correspondence) could reasonably be expected to result in a Company Superior Proposal (as defined in the Agreement and Plan of Merger (the "Merger Agreement"), dated November 24, 2015, between J&J Brothers Holdings Inc. and the Company) and has authorized the Company to provide certain information to BP. There can be no assurance that BP's indication of interest will develop into either an offer to Wilshire stockholders or to any agreement with the Company. At this point, the special committee has not determined that BP's indication of interest is superior to the merger agreement with J&J Brothers Holdings Inc. and, therefore, has not changed its recommendation to the Wilshire board of directors. The board of directors of Wilshire continues to recommend that Wilshire stockholders vote "FOR" the adoption of the merger agreement with J&J Brothers Holdings Inc., and "FOR" approval of an adjournment of the special meeting, if necessary, to solicit additional proxies. The special meeting of stockholders to consider the adoption of the Merger Agreement is scheduled to occur on February 18, 2016.
Inquiries: Paul Schulman and Dan Sullivan, MacKenzie Partners, Inc., 105 Madison Avenue, New York, New York 10016, (212) 929-5500.
SOURCE Wilshire Enterprises, Inc.