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February 11, 2013
12:02 EDTKITDFormer KIT digital CEO revises offer; raises concerns on sale process
In a press release, former KIT digital CEO Kaleil Isaza Tuzman said:' In an open letter to you on November 23rd, 2012, a group led by me outlined our disappointment with the direction you have taken KIT digital,, made a preliminary bid to take the company private, and offered a detailed operational plan to recover value for shareholders. On December 5th, 2012, we revised our contingent bid for the company in another open letter to the board—to a range of $1.35 -$1.70 per share—representing a 112% premium to the 72c closing price of the Company's shares on December 4, 2012. We believe your approach of requiring prospective buyers to agree to long-term standstills and the subsequent unresponsiveness of KITD management represents a purposeful approach to eliminate open competition for the Company's assets, thereby eroding the value of the Company and denying shareholders value they would otherwise receive in a competitive acquisition transaction."
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