Mini-Tender-Offer bei Palm!
Sebulba : Mini-Tender-Offer bei Palm!
Hans Dampf : @sebulba
March 24, 2000
Development Specialist, Inc
AGRIBIOTECH, INC. ANNOUNCES $250,000 OFFER FOR ONE
MILLION SHARES BY NEW WORLD LIQUIDITY FUND AND ADOPTS A
HENDERSON, NV, March 24, 2000- AgriBioTech, Inc. (?ABT? or the
?Company?) (NASDAQ National Market: ABTXQ) today announced that its outstanding
shares of common stock are the subject of a ?mini-tender offer? by New World Liquidity
Fund. The offer, directed at the Company?s shareholders, is for the purchase of up to 1
million shares of the outstanding common stock of ABT at $.25 per share. Offers of this
type are sometimes referred to as ?mini-tenders? because the offeror seeks to purchase
less than 5% of the outstanding stock of the target company.
?We express no opinion regarding the New World offer, and we are remaining
neutral with respect to the offer,? said William A. Brandt, who is the court-appointed
responsible person for the Company. In addition, Development Specialists, Inc. (of
which Mr. Brandt is a principal) serves as the court-approved reorganization consultant
?The rights of holders of the Company?s common stock remain subject to, and
are expected to be determined by, the Company?s Chapter 11 bankruptcy proceedings.
At the present time, it remains uncertain, and probably doubtful, whether the proceeds
of the Company?s liquidation will generate any distribution to the Company?s
stockholders,? stated Mr. Brandt.
The Company filed for Chapter 11 bankruptcy protection on January 25, 2000.
For further information regarding the Company?s bankruptcy case, interested persons
may turn to the Company?s website at www.agribiotech.com.
The foregoing information may contain forward looking statements. All such
statements are subject to the risks and uncertainties of forward-looking statements,
including but not limited to the factors detailed in the Company?s SEC filings
AgriBioTech, Inc. is a vertically integrated, full-service seed company
specializing in the forage and turfgrass sector, complete with research and development
of proprietary seed varieties, seed processing plants, and a national and international
distribution and sales network.
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