Intek, Securicor merger proposal draws lawsuits Intek Global, New York, and Securicor, United Kingdom, have agreed to merge. Through subsidiaries, Securicor Services and IGC Acquisition Corp., Securicor is offering $2.75 per share for the 16 million shares of Intek stock that it does not already own. Securicor owns 62% of Intek’s stock and has lent the company an estimated $84 million.
The offer was announced on June 4. Intek accepted it on June 8 at a board meeting. Acceptance was announced on June 10. A class action complaint was filed on June 8, seeking injunctive and other relief relating to the offer. A second and similar class action complaint was filed against Intek on June 15. The lawsuits stem from dissatisfaction on the part of some minority shareholders who believe that a fair offer from Securicor would have valued the shares from $3.25 to $10 or more.
After the June 8 board meeting, Intek chairman Robert J. Shiver received a letter via facsimile from World Team Corp. expressing an interest in “beginning due diligence toward possibly making a more competitive offer” to acquire Intek. In the letter, World Team describes itself as “a start-up wireless communication venture that is in the advanced arrangements of securing $250 million via a single equity investor” and whose three founders “have more than 30 years of senior management experience from AT&T, Nextel and McCaw Cellular Communications.”
An Intek spokesperson would not comment about the tender offer, any communication with World Team or any current company activities. The spokesperson cited a federal restraint imposed by the Securities and Exchange Commission (SEC) until the tender offer expires July 14 and an additional “quiet period” imposed by the SEC until 30 days after the current FCC auction of 220MHz frequencies in which Intek is participating.