LOS GATOS, Calif., Oct. 12, 2011 /PRNewswire/ -- NOVT Corporation (Pink Sheets: NVTP) ("NOVT") today announced that Steel Partners, Ltd., a Delaware corporation ("Steel Partners") commenced a tender offer on October 6, 2011 to purchase from the shareholders of NOVT up to a maximum of 4,700 shares of common stock, par value $0.01 per share, of NOVT at a purchase price of $450.00 per share. Steel Partners currently owns approximately 68.4% of the outstanding shares. The board of directors of NOVT (the "Board") met to consider the tender offer and the Board expresses no opinion and is remaining neutral towards Steel Partners' tender offer. The Board believes that each shareholder should make its own decision as to whether to tender its shares on an individual basis in consultation with its own financial and legal advisors and based on its particular circumstances.
About NOVT Corporation
On March 9, 2006, NOVT completed the sale of substantially all of its assets of its vascular brachytherapy business. NOVT's strategic plan is to redeploy its existing resources to identify and acquire new business operations. At this time, no candidates have been identified.
NOVT's Certificate of Incorporation limits the ability of any person or group to acquire 4.75% or more of NOVT's common stock (subject to certain exceptions as provided in the Certificate of Incorporation) in order to protect NOVT's ability to utilize its net operating loss carryforwards and renders inapplicable to NOVT the limitations of Section 203 of the Delaware General Corporation Law.
SOURCE NOVT Corporation