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| Client: |
AirNet Systems, Inc. (AMEX:ANS “AirNet”) |
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| Situation: |
BGL was retained by AirNet’s Board of Directors as the company’s financial advisor to evaluate and negotiate multiple proposals to acquire the business, and to provide a fairness opinion.
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| Business: |
Headquartered in Columbus, Ohio, AirNet Systems, Inc. is a provider of time-critical air transportation services for banking, corporate and other customers requiring ultra expedited small package deliveries. AirNet’s flexible and reliable air transportation network serves more than 100 cities nationwide, and its 28 years of time-critical delivery experience has positioned the company as a leading national express delivery services provider. |
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| Results: |
After evaluating and negotiating the offers received from multiple parties, AirNet's Board of Directors entered into an agreement with an affiliate of Bayside Capital, Inc. for $2.81 per share in cash. The price represented a premium of approximately 93.8% over the closing price of $1.45 per share on the day prior to the announcement. The total value of the transaction was approximately $28.7 million. In conjunction with the merger agreement, the affiliate of Bayside Capital also purchased approximately 1.9 million common shares from AirNet at $2.81 a share for a total purchase price of $5.4 million. BGL delivered a fairness opinion to the Board of Directors concluding that the consideration received by the shareholders of AirNet pursuant to the merger was fair from a financial point of view. |
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