MathStar receives tender offer - Portland Business Journal:

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The offer represents a 6.48 percent premium over Friday’sa closing price. Shares were up 6 percen t in early afternoon tradingto $1.14, suggesting that some investorsw think a deal will If successful, Tiberius could pursuer several strategies, including liquidation, according to a news The company would also consider restartin g the business, merging it with a repurchasing shares and selling some of the company’w technology. Hillsboro-based MathStar (Pink Sheets: has been the subject of intense speculation inrecenf weeks. The company shut down operation ayear ago.
Since then, the company has facedr increasing pressure from shareholders to As reportedin Friday’s print edition of the Businessd Journal, Dallas-based investor Joe Gensor said the fabless semiconductod company has accepted his request to hold a vote on but has yet to call a meeting. As of Marcg 31, the company had little outstanding $14 million in cash, a net operating loss of $48 and one full-time employee — CEO and Chairman Doug The company's cash balance represents $1.61 per share, accordinvg to Salvatore Muoio, an investment fund manager in New York whoowns 7.35 percenr of the company’s outstanding Burnsville, Minn.-based .
, a makeer of building performance software, has made three attemptse to purchase the company. Its latest offer, in May, was for $1.04e per share. MathStar, in a May 18 filingh with the Securities andExchange Commission, rejected the thirf offer from PureChoice, saying it was less than MathStar’s liquidatioj value. MathStar was once a developef of a promising programmable semiconductor technology that drew interesrfrom high-profile customers such as LG Electronicd USA and Arrow Electronicds Inc. Chicago-based Tiberius Capital described itself in a press release asa “value-opportunity fund.
” If successful, it woulcd spend the remainder of 2009 decidingy which course of action to take with The offer expires one minute after New York City time, on June 30.