Good News

Categories: uncategorized

Date: 25 May 2007 10:54:39

Well its now official. The company I work for are now in the process of morphing into a new company. The decision was finally announced yesterday in the US. However all was not as easily completed as some would have hoped.

Not only have the buyer issued court proceedings against our current CEO and certain board members, due to them trying to prevent them from seeing the accounts or acknowledging communications. Now we discover that the Chief Operations Officer is being sued by the CEO's group for providing the buyer with information pertaining to their offer. I feel sorry for the board in someways. They would definitely have come under pressure from the CEO to provide his group with favourable support.

A deadline was set for final proposals by 16th May, then a recommendation would be made to the board. The CEO did not increase his offer but everything went quiet. We discovered that the CEO had put in a bid the following day 25 cents higher than is rival. Surely this would be a sign of favourtism that it was accepted.

Thankfully the buyer came back with a higher offer but the deadlie was extended to 23rd May to allow the CEO to respond. Luckily his backers wouldn't go any further.

There is relief in the UK that we are going to be run by a company that wants to grow the business.