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Stock Market & Financial Investment News

News Breaks
November 23, 2012
07:14 EDTKITDKIT digital's former CEO Tuzman offers $3.75 per share for company
In his open letter to the board of KIT digital, Former Chairman and CEO Kaleil Isaza Tuzman stated: "We are prepared to lead a bidding group to buy the Company at a reasonable and substantial cash premium to the current traded price of the Company's common stock...Based on our analysis of publicly available information, and subject to due diligence and the execution of a mutually acceptable definitive agreement, we are prepared to lead a bidding group to buy the Company at $3.75 per share in cash, which represents an 81% premium to the closing price of KITD common stock on Wednesday, November 21, 2012, and an approximately 750% premium to the reported after-market trading price of KITD common stock on that date. We have reviewed this transaction with two large private equity groups who are interested in participating with us, and believe we have the backing of the Company's prior and current executives, salespeople and senior engineers who would be key to execute on our plan to right the KITD ship. We believe we can finalize financing and business terms with respect to this acquisition very quickly if the Board responds forthwith."
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