Detwiler, Mitchell & Co. Announces Receipt of Formal Cash Merger Offer
03 Novembro 2004 - 7:44PM
PR Newswire (US)
Detwiler, Mitchell & Co. Announces Receipt of Formal Cash
Merger Offer BOSTON, Nov. 3 /PRNewswire-FirstCall/ -- Detwiler,
Mitchell & Co. (OTC:DMCD) announced today that the Company has
received an all cash offer for all shares not already owned by the
acquisition group of executive management of DMC and key personnel
of its wholly-owned subsidiary, Detwiler, Mitchell, Fenton &
Graves, Inc. DMFG Acquisition Corp., a new entity formed by the
acquisition group utilizing its ownership of over 65% of the common
stock of DMC, made the offer. A copy of the offer letter has been
filed with the Pink Sheets Quotation Service. The Board of
Directors has formed a Special Committee composed of the
independent outside directors to study the offer. The Special
Committee plans to engage an investment banking firm to assist it.
The Special Committee will either accept the offer, present a
counter offer or reject the offer. The acquiring group has stated
it has no interest in selling its shares. If the merger occurs, DMC
will be entirely owned by DMC employees and its officers. Detwiler,
Mitchell & Co. ("DMC") is the holding company for its three
principal operating subsidiaries: Detwiler, Mitchell, Fenton &
Graves, Inc., a channel research, institutional sales and private
client group broker/dealer headquartered in Boston, MA; James
Mitchell & Co., a financial services company headquartered in
San Diego, CA and Detwiler, Mitchell & Co. (UK) Limited, an
institutional sales firm headquartered in London, England. For more
information on DMC, please go to our website at
http://www.dmcos.com/. Cautionary Statement Regarding
Forward-Looking Statements: Certain statements in this news release
may contain forward-looking statements within the meaning of the
Federal securities laws. Such statements should be considered in
light of the risks and uncertainties associated with Detwiler,
Mitchell & Co. and its operating subsidiaries, including those
economic and market risks contained in the Company's Annual and
Quarterly Reports and other risks prevailing from time to time; all
of which are subject to material changes and may cause actual
results to vary materially from what had been anticipated.
DATASOURCE: Detwiler, Mitchell & Co. CONTACT: James K.
Mitchell, Chairman and CEO, +1-617-747-0180, or James H. Graves,
Chief Operating Officer, +1-617-451-0100, both of Detwiler,
Mitchell & Co.
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