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February 11, 2013
12:30 EDTKITDTuzman group revises 'take-private' offer for KIT digital to 70c-$1.00 range
In an open letter to the board of directors of KIT digital, a group led by former Chairman and CEO Kaleil Isaza Tuzman stated that they believe the company is "being purposefully driven to a distressed sale by current insiders." Tuzman stated in the letter, "We will continue to pursue all available means of delivering value to Company shareholders. We believe all parties currently subject to standstill agreements with respect to an acquisition of the Company or its assets should be immediately released from said agreements. We remain willing to lead an open-market, take-private bid of the Company. Given the Company's current stock price, liquidity crisis and need for a significant, primary capital infusion, our revised offer would be in a range of 70c-$1.00 per shareŚrepresenting, at the midpoint of the range, a 93.2% premium to the 44c closing price of the Company's shares on Friday, February 8, 2013. Our offer is subject to due diligence, your release of certain parties from standstill agreements, and a mutually acceptable definitive agreement."
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