- 8 - 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 subjectPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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