ALAMEDA, Calif.-Geoworks Corp. revealed it has received an unsolicited tender bid from Growth Capital Corp., which has offered to buy up to 900,000 shares of common stock from Geoworks shareholders at $20 a share.
Geoworks urged its shareholders to reject the offer, saying the offer leaves shareholders who agree to the deal no withdrawal rights. Without such protection, Geoworks said Growth Capital may buy shares at $20 per share at any point in the future, regardless of what Geoworks’ stock price may be at that time.
Geoworks’ stock closed at $16.31 last Thursday.
