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1, 1993, the expiration of his term of employment under the
Employment Agreement.
Mr. Polsky also began soliciting potential purchasers for
Indeck’s outstanding stock in an attempt to set a value for his
shares under the third-party offer provisions of the
Shareholders’ Agreement. As a result of Mr. Polsky’s efforts, on
November 9, 1990, PowerLink Corp. (PowerLink), the subsidiary of
a private utility holding company with assets of $2.5 billion,
offered to purchase all 100 of Indeck’s outstanding shares from
its shareholders at a price of $1 million per share, subject to
certain contingencies and a due diligence financial review.
PowerLink revised its offer to $501,000 per share in a letter to
Indeck received on January 31, 1991. After Indeck’s board of
directors reviewed PowerLink’s offer, Mr. Forsythe wrote to
PowerLink on February 6, 1991, stating that shareholders owning
more than 50 percent of Indeck’s outstanding common stock had
advised the board that they were unwilling to sell their shares.
On February 14, 1991, PowerLink advised Mr. Polsky by letter that
its offer to purchase Indeck’s outstanding shares had not been
accepted and had expired.
As a result of further efforts by Mr. Polsky, CMS Generation
Co. (CMS Generation), the subsidiary of a private utility company
with $8 billion in assets, made an offer on August 6, 1991, to
purchase the outstanding stock of Indeck for $75 million subject
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