Oakes agreed to meet, but on June 15, said the company had decided against the meeting. Oakes was reported to have said "that Edgewater would rather focus its efforts on growing the Company by investing in organic and acquisitive growth strategies.' Ameri100 then submitted a written proposal to buy all Edgewater shares at $8.50 each and Oakes confirmed receipt of the offer in writing. On June 4, Ameri100 says it received a four-line rejection from CEO Shirley Singleton. Ameri100 then submitted a revised written plan on October 26. That was the date of Edgewater's third-quarter earnings webcast, in which Singleton said, that "Earlier this week we received a merger offer". However, she made no reference to the activities that the investor group reported as occurring in June.
EDGEWATER BID TIMELINE DISCLOSED Featured
Ameri100 and Lone Star Value Investors, which are bidding for Edgewater Technology, this week spelled out the timeline in talks between the companies. In documents filed with the SEC, the investor group outlined their approaches to the software company in what has become a hostile takeover attempt. The documents reports that Lone Star managing partner Jeff Eberwein had a telephone conversation with Edgewater CFO Timothy Oakes on June 11.
