Lancer (AMEX:LAN)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Lancer Charts. Click Here for more Lancer Charts.](/p.php?pid=staticchart&s=A%5ELAN&p=8&t=15)
Lancer Corporation Responds to a Second Unsolicited 'Mini-Tender
Offer'
SAN ANTONIO, April 9 /PRNewswire-FirstCall/ -- Lancer Corporation has learned
that Cannell Capital LLC (Cannell) has made an offer to purchase up to 450,000
shares of Lancer's common stock (representing approximately 4.8% of Lancer's
outstanding common stock) for $2.00 per share. Lancer does not recommend or
endorse this unsolicited offer and urges its stockholders to use caution in
considering the offer.
The Cannell mini-tender offer follows the mini-tender offer by SCM Acquisition
Fund LLC (SCM), an affiliate of Sutter Capital Management LLC, whereby SCM
offered to purchase up to 450,000 shares of Lancer common stock for $1.00 per
share on March 23, 2004.
Mini-tender offers seek less than 5% of a company's stock, thereby avoiding many
disclosure and procedural protections afforded to stockholders by the Federal
securities laws and the rules of the U.S. Securities and Exchange Commission
(SEC). TheSEC has issued an investor alert regarding mini-tender offers, which
can be found on its web site http://www.sec.gov/investor/pubs/minitend.htm .
According to the SEC investor alert, mini-tender offers "have been increasingly
used to catch investors off guard. Many investors who hear about mini-tender
offers surrender their securities without investigating the offer, assuming that
the price offered includes the premium usually present in larger, traditional
tender offers. But they later learn thatthey cannot withdraw from the offer
and may end up selling their securities at below- market prices."
The SEC recommends that investors scrutinize mini-tender offers carefully to
make sure they understand the terms of the tender offer before tenderingtheir
shares.
According to the offering document, shareholders tendering their shares will not
have withdrawal rights, and Cannell reserves the right to extend the offer at
any time or to change any other terms of the offer.
Lancer advises shareholders to consult their own brokers or financial advisors
concerning this offer prior to tendering any shares.
DATASOURCE: Lancer Corporation
CONTACT: Scott Adams of Lancer Corporation, +1-210-310-7065
Web site: http://www.lancercorp.com/
http://www.sec.gov/investor/pubs/minitend.htm