Mackenzie Capital Tender For Pendrell Corporation

Mackenzie Capital Tender Offer For Pendrell

On October 9 Mackenzie Capital and affiliates offered to purchase up to 1 million shares of Pendrell Corporation (NASDAQ:PCO) for $1.00 per share.The Shares are, for now, traded on the NASDAQ  but there is a relatively low volume of trades (average of 76,154 Shares per day) and the Corporation intends to terminate its listing and “go dark” on or shortly after November 30, 2017 (See Form 8-K filed on Sept. 22, 2017). The Shares have traded at prices between $5.89 and $7.61 per Share over the past 52 weeks. Source

In spite of the steep discount, Pendrell management has remained neutral on the tender offer.

Mackenzie has since extended the offer to November 27, 2017.

Leave a Reply

Your email address will not be published. Required fields are marked *