HIG Ekes Out $49M Comverge Buy In Extended Tender Offer

Law360, New York (May 10, 2012, 6:21 PM EDT) -- After extending its $49 million tender offer for Comverge Inc., HIG Capital LLC on Thursday squeezed out enough shareholder support to push ahead with its takeover bid, which Comverge has said is essential to its survival.

Nearly 14.5 million shares were traded for $1.75 in cash apiece during the tender offer, which closed Wednesday at 5 p.m. after a one-day extension. That amounts to a 52.2 percent of total outstanding shares, barely meeting the 50 percent minimum threshold to proceed with the buyout.

Now, HIG will...
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