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Stock Market & Financial Investment News

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August 12, 2014
14:14 EDTALTVAlteva downgraded to Hold from Buy at Lake Street
Lake Street downgraded Alteva to Hold citing the company's decline in average revenue per user in Q2.
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September 2, 2014
19:00 EDTALTVAlteva board rejects unsolicited proposal from Juniper, adopts rights plan
Alteva announced that its board has adopted a shareholder rights plan. Shareholder rights plans are useful in defending against inadequate offers to buy companies. The plan was adopted after its board received and unanimously rejected an unsolicited, non-binding letter of interest from Juniper Investment Company, LLC. The letter, which was received on August 26, proposed an acquisition of all of the outstanding common shares of the company for $8.00 per share in cash, subject to, among other things, satisfactory completion of Juniper's due diligence review of the company, the receipt of financing by Juniper, and the negotiation and execution of a mutually acceptable definitive merger agreement containing customary terms and conditions. Alteva's board thoroughly reviewed Juniper's unsolicited proposal with the assistance of its independent advisors and concluded that the proposal significantly undervalues the company and its future prospects and is not in the best interests of shareholders. Kelly Bloss, the company's chairman, stated, "We are always prepared to evaluate transactions that could improve shareholder value. However, we also have an obligation to ensure that our shareholders are treated fairly. We felt that adoption of the shareholder rights plan gives us an additional tool to preclude would-be acquirers from seeking to take advantage of temporary fluctuations in our stock price."

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