TransFinancial Offer Draws Criticism
A proposed buyout of TransFinancial Holdings by a group of its top executives has drawn criticism from a Massachusetts-based stockholder who said management’s offer of $6.03 a share is far below the net asset value of the company.
“In my view, the proposed management buyout is not in the best interests of the public shareholders,” Grogan said in a statement Dec. 9.
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David S. Grogan of Stoughton, Mass., who said he owns “less than 5%” of TransFinancial’s outstanding stock, intends to vote against the buyout at a meeting of shareholders sometime in January.
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TransFinancial executives have said their buyout of the company would improve its operations and profitability. A special committee made up of members of the company’s board of directors who are not part of management or the buyout group evaluated several offers on behalf of shareholders and recommended the management group’s proposal.
