Charlesbank Capital Partners has withdrawn its $7.05 per share buyout offer for Pomeroy IT Solutions (Nasdaq: PMRY). The original bid also had included David Pomeroy, the company’s founder and largest shareholder, who continues to express interest in acquiring the company via alternative financing. Pomeroy provides IT infrastructure solutions, with a focus on enterprise, network and end-user technologies.
Pomeroy IT Solutions (PMRY), a technology and services solutions provider, announced today that its Board of Directors received a letter, last night, from Charlesbank Partners, LLC (“Charlesbank”) informing the Company’s Directors that it is withdrawing from the proposed acquisition of the Company. On April 9, 2008, the Company disclosed that its Board of Directors had received a letter from David B. Pomeroy, II, the Company’s founder and largest stockholder, proposing to acquire, with Charlesbank Equity Fund VI, LLP as his financial partner, all of the outstanding common stock of the Company not owned by him for a price of $7.05 per share.
Mr. Pomeroy informed the Board today that he continues to be interested in an acquisition of the Company and is pursuing alternative financing. The non-binding indication of interest from Mr. Pomeroy and Charlesbank had been referred to a Special Committee for review. Incident to its consideration of the offer from Mr. Pomeroy and Charlesbank, the Special Committee also undertook the exploration of a range of other alternative transactions that could enhance stockholder value. The Special Committee intends to complete the efforts that it has begun in this regard.
About Pomeroy IT Solutions, Inc.
Pomeroy IT Solutions, Inc. is a leading provider of IT infrastructure solutions focused on enterprise, network and end-user technologies. Leveraging its core competencies in IT Outsourcing and Professional Services, Pomeroy delivers consulting, deployment, operational, staffing and product sourcing solutions through the disciplines of Six-Sigma, program and project management, and industry best practices. Pomeroy’s consultative approach and adaptive methodology enables Fortune 2000 corporations, government entities, and mid-market clients to realize their business goals and objectives by leveraging information technology to simplify complexities, increase productivity, reduce costs, and improve profitability. For more information, go to www.pomeroy.com.