Thursday, September 28, 2006
Reports: Talk America attracts higher buyout offer
Philadelphia Business Journal
Talk America Holdings Inc., which agreed last week to be acquired in a $251 million deal, was trading up 13 percent Thursday on reports that a second bidder was offering more.
The phone and Internet company said last week it agreed to be bought by Cavalier Telephone & TV of Richmond, Va., for $8.10 a share.
The Associated Press was reporting Thursday that the Sun Capital Securities LLC private equity firm, which has a 14 percent stake in Talk America (NASDAQ:TALK) of New Hope, Pa., was offering $9 a share.
Talk America was trading at $9.41 Thursday. The day before the Cavalier deal was announced Sept. 22, it closed at $6.57.
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