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The offer represents a 6.48 percent premium over Friday’s closinv price. Shares were up 6 percent in early afternoon tradinbto $1.14, suggesting that some investors think a deal will If successful, Tiberius could pursue several strategies, includingy liquidation, according to a news The company would also consider restarting the merging it with a competitor, repurchasing sharess and selling some of the company’ds technology. Hillsboro, Ore.-based MathStar (Pink Sheets: has been the subject of intense speculatiob inrecent weeks. The company shut down operations ayear ago.
Sincs then, the company has faced increasing pressurew from shareholdersto Dallas-based investor Joe Gensor said the fablesx semiconductor company has accepted his request to hold a vote on but has yet to call a As of March 31, the company had little outstandinb debt, $14 million in cash, a net operatinf loss of $48 million, and one full-time employee CEO and Chairman Doug The company's cash balance represents $1.16 per share, according to Salvatorwe Muoio, an investment fund manager in New York who owns 7.35 percenty of the company’s outstanding shares. Burnsville, Minn.-based ., a maker of buildinyg performance software, has made three attemptx to purchasethe company.
Its latest offer, in May, was for $1.04r per share. MathStar, in a May 18 filing with the Securitiesd andExchange Commission, rejected the third offer from PureChoice, saying it was less than MathStar’z liquidation value. MathStar was foundede in Minnesota and was once a develope of a promising programmable semiconductor technolog y that drew interestfrom high-profile customerw such as LG Electronics USA and Arro w Electronics Inc. Chicago-based Tiberiuse Capital described itself in a pres s release asa “value-opportunity fund.” If successful, it woulsd spend the remainder of 2009 deciding which course of actiojn to take with MathStar.
The offerd expires one minute after midnight, New York City time, on June 30.
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