Bexil Corp. (OTC:BXLC) Stock Gains Momentum: What’s the Buzz?
Considering the announcement that was made by Bexil Corp. (OTC:BXLC) on Thursday, it could be a good time for investors to take a greater interest in the company. Yesterday, the company made a tender offer, and it may be a good time to look into the specific details. The company announced that it invited its shareholders to tender the maximum of 100,000 shares of Bexil Corp. common stock in a modified Dutch auction. It was also revealed that the cash purchase price of the shares would need to be in the $35 to $38 per share range.
It would be possible for the existing shareholders to participate in the offering by tendering some or all of their shares. However, the tendering process would also be subject to provisions of proration and other limitations, as had been enumerated in the purchase offer. The offer of purchase and the attendant withdrawal rights would expire on May 7, 2024, at 5 p.m. Eastern Time. The company also revealed that the offer to purchase and other materials related to the tender offer were being provided to the shareholders. Alternatively, the materials could also be procured from the Bexil Corp. website. The board of directors of Bexil Corp. had also approved the offer made by the company.
That being said, it was also noted that the company or its board of directors did recommend to shareholders their course of action with regards to the tender. No person or entity had been empowered to make such a recommendation on behalf of the company or the board of directors either. In the news release, Bexil Corp. urged the shareholders to judge all the information in the offer to purchase thoroughly and to also consult their tax advisors before making any kind of decision with regards to the matter one way or another.
