ROW Short Takes
News | 09/18/2001 4:00 am EDT
eDispatch sets up committee to review Proprietary’s bid
EDispatch.com Wireless Data Inc, Vancouver, has set up a special committee to review a hostile takeover bid launched by Proprietary Industries Inc. Proprietary’s bid is in opposition to eDispatch’s previously announced merger agreement with AirIQ. The special committee, which consists of independent directors, will be headed up by Stephen Willey and will consider any bona fide offer or acquisition proposal made for the company. Proprietary wants to remove eDispatch’s current board of directors and replace it with another board in order to better consider the AirIQ offer. Proprietary, which holds 12 per cent of eDispatch’s stock, is offering $1.05/share, plus another $0.05/share depending on the amount of available cash and short-term investments. Company executives have also said that liquidating the assets of the company is a possible solution for ensuring shareholder value for eDispatch’s current stock holders.