Signal on March 10 announced that it had completed the final stage of a sale of assets for aggregate gross proceeds of approximately $100 million. The company also reiterated its intention to distribute to shareholders the net proceeds after repayment of all debt.
In light of Pearl's intentions, Signal's board has decided to defer the decision of a shareholder distribution so that it can consider other strategic alternatives. Signal has thus has engaged FirstEnergy Capital Corporation as its independent financial advisors to consider the proposed Pearl offer and consider alternative transactions that could return greater value to shareholders than the proposed distribution of sale proceeds and the retention or future sale of the remaining operating entity.
After Pearl mails an offer to Signal shareholders, Signal's board will offer its own recommendation.
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