Forian reveals it has received an unsolicited proposal to go private at $2.10 per share.
Forian announced that its board of directors has received an unsolicited, preliminary, non-binding proposal letter, dated August 25, from a group led by Forian founder, Executive Chairman and Chief Executive Officer Max Wygod, to take the company private at a proposed purchase price of $2.10 per share to the company's other shareholders. Wygod and the other participants in the proposal, including inside directors Adam Dublin and Shahir Kassam-Adams, beneficially own approximately 63% of the company's common stock. The company's board has established a Special Committee consisting of independent directors which, with its advisors, will evaluate the proposal and determine the appropriate course of action and process. "The proposal will be conditioned on, among other things, the receipt of financing for the transaction, the negotiation and execution of satisfactory employment agreements and a definitive acquisition agreement as well as approval of the proposal by the Special Committee and the acquisition (including by tender) of a majority of the shares of the Company's common stock. There can be no assurance that any definitive offer will be received, that any definitive acquisition agreement will be executed relating to the proposal or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law," the company stated.
