NaviSite Rejects Buyout Offer

(Ping! Zine) – On Friday, NaviSite reported that it had rejected Atlantic Investors offer to buy the company. Atlantic Investors offered $3.05 per share, in which NaviSite’s three person committee unanimously rejected. No reason was given for the rejected offer, but officials said they will continue to negotiate toward a potential sale.

Atlantic Investors currently owns close to 37 percent of the company and made the offer to buy the remaining shares on July 12. The offer was a 9.3% premium to NaviSite’s previous closing prices, which gave the company an estimated value of close to $115 million.