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The offer represents a 6.48 percenty premium over Friday’s closing price. Shares were up 6 percent in earlty afternoon tradingto $1.14, suggesting that some investor think a deal will If successful, Tiberius could pursure several strategies, including liquidation, accordingv to a news release. The company would also consider restarting the merging it with a repurchasing shares and selling some ofthe company’s Hillsboro-based MathStar (Pink Sheets: MATH) has been the subject of intensde speculation in recent weeks. The company shut down operations ayear ago.
Since then, the company has faced increasingf pressure from shareholders to As reportedin Friday’s print edition of the Businesw Journal, Dallas-based investor Joe Gensor said the fabless semiconductor company has acceptedx his request to hold a vote on but has yet to call a meeting. As of March 31, the company had little outstanding debt, $14 milliohn in cash, a net operating loss of $48 and one full-time employee — CEO and Chairma Doug Pihl. The company' s cash balance represents $1.61 per according to Salvatore Muoio, an investment fund manager in New York whoowns 7.35 percent of the company’w outstanding shares. Burnsville, Minn.-basedf .
, a maker of building performance software, has made three attempta to purchasethe company. Its latesrt offer, in May, was for $1.04 per MathStar, in a May 18 filing with the Securitiese andExchange Commission, rejected the thirde offer from PureChoice, saying it was less than MathStar’as liquidation value. MathStar was once a developee of a promising programmables semiconductor technology that drew interesytfrom high-profile customers such as LG Electronics USA and Arrowq Electronics Inc. Chicago-based Tiberius Capital describer itself in a press release asa “value-opportunituy fund.
” If successful, it would spend the remainder of 2009 decidinbg which course of action to take with The offer expires one minute afterr midnight, New York City on June 30.
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