Aqua Care Systems, Inc. board supports modified tender offer from AV, Inc.
Aqua Care Systems' Board of Directors voted to recommend that shareholders accept a modified offer by AV, Inc. to purchase up to 1,050,000 shares of the company's common stock for $2.25 per share.
CORAL SPRINGS, Fla., March 8, 2001 (PRNewswire) — Aqua Care Systems, Inc. (Nasdaq: AQCR) today announced that its Board of Directors voted to recommend that Aqua Care Shareholders accept a modified offer by AV, Inc. to purchase up to 1,050,000 shares of the company's common stock for $2.25 per share.
The AV tender offer was increased from an original offer to purchase up to 900,000 shares. The company was advised that AV, Inc. intends to file the necessary amendment to its offering documents early next week. The Board rejected AV, Inc.'s offer for up to 900,000 shares.
In making its determination, the company's Board considered a number of factors. The company has filed a Schedule 14d-9 with the U.S. Securities and Exchange Commission, which contains a discussion of such factors and additional information regarding the AV Offer and the Board's decision in connection therewith. Please refer to the Schedule 14d-9 as filed with the Securities and Exchange Commission for further information.
Aqua Care Systems, Inc., based in Coral Springs, Florida, currently designs, manufactures and sells fluid handling, filtration and water purification systems and products.
SOURCE Aqua Care Systems, Inc.