Cosine Communications Inc (COSN) 4.3800 $COSN
CoSine Communications, Inc. Announces Effectiveness of Reverse/Forward Stock Split and Delisting of CoSine Common Stock
PR Newswire - Mon Dec 28, 3:56PM CST
CoSine Communications, Inc. ("CoSine"
(Other OTC: COSN) announced today that its previously announced reverse/forward stock split will take effect at 5:00 pm and 5:01 pm ET, respectively, on December 28, 2015. CoSine also announced it has received approval from the Financial Industry Regulatory Authority ("FINRA" clearing the 1-for-80,000 reverse stock split of CoSine's common stock previously approved by its stockholders and first announced on December 3, 2015. Pursuant to the reverse stock split, stockholders owning fewer than 80,000 shares of CoSine's common stock will have such shares cancelled and converted into the right to receive $4.40 for each share of common stock held immediately prior to the effectiveness of the reverse stock split. According to FINRA's approval, CoSine's common stock will be delisted from the OTC Pink marketplace and its trading symbol COSN will be deleted effective at the open of trading on December 29, 2015 and all trading in CoSine common stock will immediately cease.
CoSine Communications, Inc. Announces Stockholder Approval of Reverse/Forward Split, in Preparation for its Purchase by WebFinancial Holding Corporation
PR Newswire - Thu Dec 17, 5:04PM CST
CoSine Communications, Inc. ("CoSine" (Other OTC: COSN), today announced that subsidiaries of Steel Partners Holdings L.P. ("Steel Partners", which together own approximately 80.3% of CoSine's common stock, $0.0001 par value per share (the "Common Stock", have adopted resolutions by written consent, in lieu of a meeting of stockholders, to approve previously announced amendments to CoSine's Fourth Amended and Restated Certificate of Incorporation, as amended (the "Certificate of Incorporation", to (a) effect a 1-for-80,000 reverse stock split of CoSine's Common Stock (the "Reverse Stock Split" such that stockholders owning fewer than 80,000 shares of CoSine's Common Stock will have such shares cancelled and converted into the right to receive $4.40 for each share of Common Stock held prior to the Reverse Stock Split, and (b) effect, immediately following the Reverse Stock Split, a 80,000-for-1 forward stock split of CoSine's Common Stock (the "Forward Stock Split," and together with the Reverse Split, the "Reverse/Forward Split". As the Forward Stock Split ratio is the inverse of the Reverse Stock Split ratio, if a stockholder holds, at the effective time of the Reverse Split, at least 80,000 shares of Common Stock, any fractional share resulting from the Reverse Stock Split will not be cashed out and the total number of shares held by such holder will not change as a result of the Reverse/Forward Split.
CoSine Communications, Inc. Announces Financial Results for the Quarter Ended September 30, 2015
PR Newswire - Thu Dec 03, 5:21PM CST
CoSine Communications, Inc. ("CoSine" (Other OTC: COSN), today announced a net loss of $(943,000), or $(0.04) per basic and diluted common share, for the quarter ended September 30, 2015, as compared to a net loss of $(267,000), or $(0.03) per basic and diluted common share, for the quarter ended September 30, 2014. The results for the quarter ended September 30, 2015 include net sales of $43,495,000 and operating income of $636,000 from the previously announced acquisition of API Group Plc ("API".
NATH: 42.79 (-0.93)
CoSine Communications, Inc. Announces it Will Be Purchased for $4.40 per Share Cash by WebFinancial Holding Corporation via a Reverse/Forward Split and Merger
PR Newswire - Thu Dec 03, 5:18PM CST
CoSine Communications, Inc. ("CoSine" (Other OTC: COSN), today announced that its board of directors has approved a transaction that provides immediate value and liquidity to CoSine's stockholders. It anticipates that on or about December 11, 2015 the holders of a majority of the shares of CoSine's common stock, $0.0001 par value per share (the "Common Stock", constituting a majority of CoSine's outstanding voting capital, will adopt resolutions by written consent, in lieu of a meeting of stockholders, to approve amendments to CoSine's Fourth Amended and Restated Certificate of Incorporation, as amended (the "Certificate of Incorporation", to (a) effect a 1-for-80,000 reverse stock split of CoSine's Common Stock (the "Reverse Stock Split" such that stockholders owning fewer than 80,000 shares of CoSine's Common Stock will have such shares cancelled and converted into the right to receive $4.40 for each share of Common Stock held prior to the Reverse Stock Split, and (b) effect, immediately following the Reverse Stock Split, a 80,000-for-1 forward stock split of CoSine's Common Stock (the "Forward Stock Split," and together with the Reverse Split, the "Reverse/Forward Split". As the Forward Stock Split ratio is the inverse of the Reverse Stock Split ratio, if a stockholder holds, at the effective time of the Reverse Split, at least 80,000 shares of Common Stock, any fractional share resulting from the Reverse Stock Split will not be cashed out and the total number of shares held by such holder will not change as a result of the Reverse/Forward Split. The consideration of $4.40 per share of Common Stock on a pre-split basis is based primarily upon the estimated value of the CoSine's wholly owned operating subsidiary, API Group plc, CoSine's cash and investments on hand, and CoSine's federal net operating loss carryforwards. The consideration represents an approximately 10% premium to CoSine's closing price of $4.00 on December 2, 2015.
CoSine Communications, Inc. Announces Financial Results for the Quarter Ended June 30, 2015
PR Newswire - Fri Aug 28, 4:06PM CDT
CoSine Communications, Inc. ("CoSine" (Other OTC: COSN), today announced net income of $1,475,000, or $0.05 per basic and diluted common share, for the quarter ended June 30, 2015, as compared to a net loss of $143,000, or $(0.01) per basic and diluted common share, for the quarter ended June 30, 2014. The results for the quarter ended June 30, 2015 include net sales of $26,796,000 and an operating loss of $734,000 from the previously announced acquisition of API Group Plc ("API", for the period of April 17, 2015 (date of effective control) to June 30, 2015, as well as $2,524,000 in foreign currency remeasurement gains and $1,164,000 in gains on sale of CoSine's remaining holdings in the common stock of Nathan's Famous, Inc.
NATH: 42.79 (-0.93)
CoSine Communications, Inc. Announces Financial Results for the Quarter Ended March 31, 2015
PR Newswire - Thu Jun 18, 6:19PM CDT
CoSine Communications, Inc. ("CoSine" (Other OTC: COSN), today announced a net loss of $2,979,000 or $(0.13) per share for the quarter ended March 31, 2015 as compared to net loss of $165,000 or $(0.02) per share for the quarter ended March 31, 2014. The increase in the net loss for the quarter ended March 31, 2015 as compared to the quarter ended March 31, 2014 was due primarily to transactional expenses and foreign currency remeasurement charges incurred in connection with the tender offer for API Group Plc and related transactions.
Steel Partners Holdings L.P. And CoSine Communications, Inc. Announce The Close Of The Tender Offer Of Cedar 2015 Limited For The Shares Of API Group plc
PR Newswire - Wed Mar 25, 5:24PM CDT
Steel Partners Holdings L.P. (NYSE: SPLP) ("SPLP" and CoSine Communications (Other OTC: COSN) today announced that the cash tender offer by Cedar 2015 Limited ("Cedar", an indirect United Kingdom ("UK" subsidiary of SPLP and a wholly-owned subsidiary of CoSine, to acquire all of the issued and to be issued ordinary shares of API Group plc (LN:API) not already owned by Cedar for 60 pence per share (the "Offer" closed at 1:00 pm London time on March 19, 2015.
API: 0.40 (+0.01), SPLP: 14.17 (unch)
CoSine Communications, Inc. Announces Financial Results for the Year and Quarter Ended December 31, 2014
PR Newswire - Thu Mar 19, 5:37PM CDT
CoSine Communications, Inc. (Other OTC: COSN), today announced net loss of $1,286,000 or $(0.13) per share for the year ended December 31, 2014 as compared to net loss of $888,000 or $(0.09) per share for the year ended December 31, 2013. Net loss for the quarter ended December 31, 2014 was $711,000 or $(0.07) per share as compared to net loss of $259,000 or $(0.03) per share for the quarter ended December 31, 2013. The increase in net loss for the year and quarter ended December 31, 2014 compared to the year and quarter ended December 31, 2013 was mainly due to transactional expenses related to the tender offer for API Group Plc and related transactions.
NATH: 42.79 (-0.93)
CoSine Communications, Inc. Announces The Intent Of Its Wholly Owned Subsidiary Cedar 2015 Limited To Request API Group plc Cancel Its Admission To Trading On AiM
PR Newswire - Mon Mar 16, 4:01PM CDT
CoSine Communications, Inc. (Other OTC: COSN) ("CoSine" announced today that as of 1:30 pm, London time, on Monday, March 16, 2015, its wholly owned United Kingdom ("UK" subsidiary, Cedar 2015 Limited ("Cedar", had received valid acceptances of its previously announced tender offer (the "Offer" for all the issued and to be issued ordinary shares of API Group plc (LN:API) ("API" in respect of 32,800,903 shares of API, representing, in aggregate, approximately 42.7 percent of the existing issued share capital of API. Together with the 24,807,203 shares of API already owned by Cedar, Cedar now holds, or has received valid acceptances in respect of, 57,608,106 shares of API, representing, in aggregate, approximately 75.1 percent of the existing issued share capital of API.
API: 0.40 (+0.01)
CoSine Communications, Inc. Announces The Tender Offer By Its Wholly Owned Subsidiary Cedar 2015 Limited For Shares Of API Group plc Has Been Declared Unconditional
PR Newswire - Mon Feb 09, 4:32PM CST
CoSine Communications, Inc. (Other OTC: COSN) ("CoSine" announced today its wholly owned United Kingdom ("UK" subsidiary, Cedar 2015 Limited ("Cedar", has declared its previously announced tender offer (the "Offer" for all of the issued and to be issued ordinary shares of API Group plc (LN:API) ("API" unconditional in all respects. As of February 6, 2015, Cedar had received valid acceptances of the Offer in respect of 22,780,966 shares of API which together with the 24,807,203 shares of API already owned by Cedar represent, in aggregate, not less than 62% in nominal value of the shares of API and of the voting rights attached to those shares. All conditions for completion of the Offer have now been satisfied or (where applicable) waived.
API: 0.40 (+0.01)
CoSine Communications' subsidiary commences tender offer for API Group's shares
M2 - Thu Feb 05, 5:51AM CST
CoSine Communications Inc (Other OTC: COSN) , a company focussed on redeploying its assets through acquisitions, announced on Wednesday that Cedar 2015 Limited, its wholly owned UK subsidiary, has commenced a cash tender offer to acquire all of the issued and to be issued ordinary shares of API Group plc (LSE:API.L) not already owned by Cedar.
CoSine Communications, Inc. Announces Its Wholly Owned Subsidiary Cedar 2015 Limited Commences Tender Offer For Shares Of API Group plc
PR Newswire - Wed Feb 04, 11:22AM CST
CoSine Communications, Inc. (Other OTC: COSN) ("CoSine" announced today that its wholly owned United Kingdom ("UK" subsidiary, Cedar 2015 Limited ("Cedar", has commenced a cash tender offer to acquire all of the issued and to be issued ordinary shares of API Group plc (LN:API) ("API" not already owned by Cedar (the "Offer". Pursuant to the previously announced contribution agreement, Cedar currently owns 24,807,203 API shares or approximately 32.3% of the outstanding shares of API. Upon the successful closing of the Offer, stockholders of API who tendered their shares in the Offer will receive 60 pence (approximately $0.91) per share, in cash, payable without interest and less any applicable taxes in accordance with the payment terms provided in the Offer Document (as defined below). The Offer, which is not subject to any due diligence or any financing contingency, is subject to customary UK conditions including the valid tender of sufficient API shares, which, when added to API shares owned by Cedar, constitute more than 62% of the total number of outstanding API shares (or such lower percentage not being less than 50% as Cedar determines).
API: 0.40 (+0.01), SPLP: 14.17 (unch)
CoSine Communications, Inc. Announces Intention Of Its Wholly Owned Subsidiary Cedar 2015 Limited To Make A Tender Offer For The Shares Of API Group plc
PR Newswire - Wed Jan 28, 1:27PM CST
CoSine Communications, Inc. (Other OTC: COSN) ("CoSine" announced today the intention of its wholly owned United Kingdom ("UK" subsidiary, Cedar 2015 Limited ("Cedar", to acquire all of the issued and to be issued ordinary shares of API Group plc (LN:API) not already owned by Cedar for 60 pence (approximately $0.91) per share (the "Offer". Cedar currently owns 24,807,203 API shares or approximately 32.3% of the outstanding shares of API. If all of the issued and to be issued shares of API not already owned by Cedar are tendered into the Offer, the aggregate price for such shares is expected to be approximately £31.4 million ($47.6 million). The consideration payable under the Offer for tendered API shares will be funded from a combination of £9.2 million (approximately $14 million) in cash contributed to Cedar by CoSine and a $37 million loan from SPH Group Holdings LLC ("SPH", an indirect wholly owned subsidiary of Steel Partners Holdings L.P. (NYSE: SPLP) ("SPLP", to Cedar as guaranteed by CoSine.
API: 0.40 (+0.01), NATH: 42.79 (-0.93), SPLP: 14.17 (unch)
CoSine Communications, Inc. Announces Effectiveness of Reverse/Forward Stock Split and Delisting of CoSine Common Stock
PR Newswire - Mon Dec 28, 3:56PM CST
CoSine Communications, Inc. ("CoSine"
(Other OTC: COSN) announced today that its previously announced reverse/forward stock split will take effect at 5:00 pm and 5:01 pm ET, respectively, on December 28, 2015. CoSine also announced it has received approval from the Financial Industry Regulatory Authority ("FINRA" clearing the 1-for-80,000 reverse stock split of CoSine's common stock previously approved by its stockholders and first announced on December 3, 2015. Pursuant to the reverse stock split, stockholders owning fewer than 80,000 shares of CoSine's common stock will have such shares cancelled and converted into the right to receive $4.40 for each share of common stock held immediately prior to the effectiveness of the reverse stock split. According to FINRA's approval, CoSine's common stock will be delisted from the OTC Pink marketplace and its trading symbol COSN will be deleted effective at the open of trading on December 29, 2015 and all trading in CoSine common stock will immediately cease. CoSine Communications, Inc. Announces Stockholder Approval of Reverse/Forward Split, in Preparation for its Purchase by WebFinancial Holding Corporation
PR Newswire - Thu Dec 17, 5:04PM CST
CoSine Communications, Inc. ("CoSine"
(Other OTC: COSN), today announced that subsidiaries of Steel Partners Holdings L.P. ("Steel Partners", which together own approximately 80.3% of CoSine's common stock, $0.0001 par value per share (the "Common Stock", have adopted resolutions by written consent, in lieu of a meeting of stockholders, to approve previously announced amendments to CoSine's Fourth Amended and Restated Certificate of Incorporation, as amended (the "Certificate of Incorporation", to (a) effect a 1-for-80,000 reverse stock split of CoSine's Common Stock (the "Reverse Stock Split" such that stockholders owning fewer than 80,000 shares of CoSine's Common Stock will have such shares cancelled and converted into the right to receive $4.40 for each share of Common Stock held prior to the Reverse Stock Split, and (b) effect, immediately following the Reverse Stock Split, a 80,000-for-1 forward stock split of CoSine's Common Stock (the "Forward Stock Split," and together with the Reverse Split, the "Reverse/Forward Split". As the Forward Stock Split ratio is the inverse of the Reverse Stock Split ratio, if a stockholder holds, at the effective time of the Reverse Split, at least 80,000 shares of Common Stock, any fractional share resulting from the Reverse Stock Split will not be cashed out and the total number of shares held by such holder will not change as a result of the Reverse/Forward Split. CoSine Communications, Inc. Announces Financial Results for the Quarter Ended September 30, 2015
PR Newswire - Thu Dec 03, 5:21PM CST
CoSine Communications, Inc. ("CoSine"
(Other OTC: COSN), today announced a net loss of $(943,000), or $(0.04) per basic and diluted common share, for the quarter ended September 30, 2015, as compared to a net loss of $(267,000), or $(0.03) per basic and diluted common share, for the quarter ended September 30, 2014. The results for the quarter ended September 30, 2015 include net sales of $43,495,000 and operating income of $636,000 from the previously announced acquisition of API Group Plc ("API". NATH: 42.79 (-0.93)
CoSine Communications, Inc. Announces it Will Be Purchased for $4.40 per Share Cash by WebFinancial Holding Corporation via a Reverse/Forward Split and Merger
PR Newswire - Thu Dec 03, 5:18PM CST
CoSine Communications, Inc. ("CoSine"
(Other OTC: COSN), today announced that its board of directors has approved a transaction that provides immediate value and liquidity to CoSine's stockholders. It anticipates that on or about December 11, 2015 the holders of a majority of the shares of CoSine's common stock, $0.0001 par value per share (the "Common Stock", constituting a majority of CoSine's outstanding voting capital, will adopt resolutions by written consent, in lieu of a meeting of stockholders, to approve amendments to CoSine's Fourth Amended and Restated Certificate of Incorporation, as amended (the "Certificate of Incorporation", to (a) effect a 1-for-80,000 reverse stock split of CoSine's Common Stock (the "Reverse Stock Split" such that stockholders owning fewer than 80,000 shares of CoSine's Common Stock will have such shares cancelled and converted into the right to receive $4.40 for each share of Common Stock held prior to the Reverse Stock Split, and (b) effect, immediately following the Reverse Stock Split, a 80,000-for-1 forward stock split of CoSine's Common Stock (the "Forward Stock Split," and together with the Reverse Split, the "Reverse/Forward Split". As the Forward Stock Split ratio is the inverse of the Reverse Stock Split ratio, if a stockholder holds, at the effective time of the Reverse Split, at least 80,000 shares of Common Stock, any fractional share resulting from the Reverse Stock Split will not be cashed out and the total number of shares held by such holder will not change as a result of the Reverse/Forward Split. The consideration of $4.40 per share of Common Stock on a pre-split basis is based primarily upon the estimated value of the CoSine's wholly owned operating subsidiary, API Group plc, CoSine's cash and investments on hand, and CoSine's federal net operating loss carryforwards. The consideration represents an approximately 10% premium to CoSine's closing price of $4.00 on December 2, 2015. CoSine Communications, Inc. Announces Financial Results for the Quarter Ended June 30, 2015
PR Newswire - Fri Aug 28, 4:06PM CDT
CoSine Communications, Inc. ("CoSine"
(Other OTC: COSN), today announced net income of $1,475,000, or $0.05 per basic and diluted common share, for the quarter ended June 30, 2015, as compared to a net loss of $143,000, or $(0.01) per basic and diluted common share, for the quarter ended June 30, 2014. The results for the quarter ended June 30, 2015 include net sales of $26,796,000 and an operating loss of $734,000 from the previously announced acquisition of API Group Plc ("API", for the period of April 17, 2015 (date of effective control) to June 30, 2015, as well as $2,524,000 in foreign currency remeasurement gains and $1,164,000 in gains on sale of CoSine's remaining holdings in the common stock of Nathan's Famous, Inc. NATH: 42.79 (-0.93)
CoSine Communications, Inc. Announces Financial Results for the Quarter Ended March 31, 2015
PR Newswire - Thu Jun 18, 6:19PM CDT
CoSine Communications, Inc. ("CoSine"
(Other OTC: COSN), today announced a net loss of $2,979,000 or $(0.13) per share for the quarter ended March 31, 2015 as compared to net loss of $165,000 or $(0.02) per share for the quarter ended March 31, 2014. The increase in the net loss for the quarter ended March 31, 2015 as compared to the quarter ended March 31, 2014 was due primarily to transactional expenses and foreign currency remeasurement charges incurred in connection with the tender offer for API Group Plc and related transactions. Steel Partners Holdings L.P. And CoSine Communications, Inc. Announce The Close Of The Tender Offer Of Cedar 2015 Limited For The Shares Of API Group plc
PR Newswire - Wed Mar 25, 5:24PM CDT
Steel Partners Holdings L.P. (NYSE: SPLP) ("SPLP"
and CoSine Communications (Other OTC: COSN) today announced that the cash tender offer by Cedar 2015 Limited ("Cedar", an indirect United Kingdom ("UK" subsidiary of SPLP and a wholly-owned subsidiary of CoSine, to acquire all of the issued and to be issued ordinary shares of API Group plc (LN:API) not already owned by Cedar for 60 pence per share (the "Offer" closed at 1:00 pm London time on March 19, 2015. API: 0.40 (+0.01), SPLP: 14.17 (unch)
CoSine Communications, Inc. Announces Financial Results for the Year and Quarter Ended December 31, 2014
PR Newswire - Thu Mar 19, 5:37PM CDT
CoSine Communications, Inc. (Other OTC: COSN), today announced net loss of $1,286,000 or $(0.13) per share for the year ended December 31, 2014 as compared to net loss of $888,000 or $(0.09) per share for the year ended December 31, 2013. Net loss for the quarter ended December 31, 2014 was $711,000 or $(0.07) per share as compared to net loss of $259,000 or $(0.03) per share for the quarter ended December 31, 2013. The increase in net loss for the year and quarter ended December 31, 2014 compared to the year and quarter ended December 31, 2013 was mainly due to transactional expenses related to the tender offer for API Group Plc and related transactions.
NATH: 42.79 (-0.93)
CoSine Communications, Inc. Announces The Intent Of Its Wholly Owned Subsidiary Cedar 2015 Limited To Request API Group plc Cancel Its Admission To Trading On AiM
PR Newswire - Mon Mar 16, 4:01PM CDT
CoSine Communications, Inc. (Other OTC: COSN) ("CoSine"
announced today that as of 1:30 pm, London time, on Monday, March 16, 2015, its wholly owned United Kingdom ("UK" subsidiary, Cedar 2015 Limited ("Cedar", had received valid acceptances of its previously announced tender offer (the "Offer" for all the issued and to be issued ordinary shares of API Group plc (LN:API) ("API" in respect of 32,800,903 shares of API, representing, in aggregate, approximately 42.7 percent of the existing issued share capital of API. Together with the 24,807,203 shares of API already owned by Cedar, Cedar now holds, or has received valid acceptances in respect of, 57,608,106 shares of API, representing, in aggregate, approximately 75.1 percent of the existing issued share capital of API. API: 0.40 (+0.01)
CoSine Communications, Inc. Announces The Tender Offer By Its Wholly Owned Subsidiary Cedar 2015 Limited For Shares Of API Group plc Has Been Declared Unconditional
PR Newswire - Mon Feb 09, 4:32PM CST
CoSine Communications, Inc. (Other OTC: COSN) ("CoSine"
announced today its wholly owned United Kingdom ("UK" subsidiary, Cedar 2015 Limited ("Cedar", has declared its previously announced tender offer (the "Offer" for all of the issued and to be issued ordinary shares of API Group plc (LN:API) ("API" unconditional in all respects. As of February 6, 2015, Cedar had received valid acceptances of the Offer in respect of 22,780,966 shares of API which together with the 24,807,203 shares of API already owned by Cedar represent, in aggregate, not less than 62% in nominal value of the shares of API and of the voting rights attached to those shares. All conditions for completion of the Offer have now been satisfied or (where applicable) waived. API: 0.40 (+0.01)
CoSine Communications' subsidiary commences tender offer for API Group's shares
M2 - Thu Feb 05, 5:51AM CST
CoSine Communications Inc (Other OTC: COSN) , a company focussed on redeploying its assets through acquisitions, announced on Wednesday that Cedar 2015 Limited, its wholly owned UK subsidiary, has commenced a cash tender offer to acquire all of the issued and to be issued ordinary shares of API Group plc (LSE:API.L) not already owned by Cedar.
CoSine Communications, Inc. Announces Its Wholly Owned Subsidiary Cedar 2015 Limited Commences Tender Offer For Shares Of API Group plc
PR Newswire - Wed Feb 04, 11:22AM CST
CoSine Communications, Inc. (Other OTC: COSN) ("CoSine"
announced today that its wholly owned United Kingdom ("UK" subsidiary, Cedar 2015 Limited ("Cedar", has commenced a cash tender offer to acquire all of the issued and to be issued ordinary shares of API Group plc (LN:API) ("API" not already owned by Cedar (the "Offer". Pursuant to the previously announced contribution agreement, Cedar currently owns 24,807,203 API shares or approximately 32.3% of the outstanding shares of API. Upon the successful closing of the Offer, stockholders of API who tendered their shares in the Offer will receive 60 pence (approximately $0.91) per share, in cash, payable without interest and less any applicable taxes in accordance with the payment terms provided in the Offer Document (as defined below). The Offer, which is not subject to any due diligence or any financing contingency, is subject to customary UK conditions including the valid tender of sufficient API shares, which, when added to API shares owned by Cedar, constitute more than 62% of the total number of outstanding API shares (or such lower percentage not being less than 50% as Cedar determines). API: 0.40 (+0.01), SPLP: 14.17 (unch)
CoSine Communications, Inc. Announces Intention Of Its Wholly Owned Subsidiary Cedar 2015 Limited To Make A Tender Offer For The Shares Of API Group plc
PR Newswire - Wed Jan 28, 1:27PM CST
CoSine Communications, Inc. (Other OTC: COSN) ("CoSine"
announced today the intention of its wholly owned United Kingdom ("UK" subsidiary, Cedar 2015 Limited ("Cedar", to acquire all of the issued and to be issued ordinary shares of API Group plc (LN:API) not already owned by Cedar for 60 pence (approximately $0.91) per share (the "Offer". Cedar currently owns 24,807,203 API shares or approximately 32.3% of the outstanding shares of API. If all of the issued and to be issued shares of API not already owned by Cedar are tendered into the Offer, the aggregate price for such shares is expected to be approximately £31.4 million ($47.6 million). The consideration payable under the Offer for tendered API shares will be funded from a combination of £9.2 million (approximately $14 million) in cash contributed to Cedar by CoSine and a $37 million loan from SPH Group Holdings LLC ("SPH", an indirect wholly owned subsidiary of Steel Partners Holdings L.P. (NYSE: SPLP) ("SPLP", to Cedar as guaranteed by CoSine. API: 0.40 (+0.01), NATH: 42.79 (-0.93), SPLP: 14.17 (unch)
