NEW YORK-At least some shareholders are unhappy about last week’s announcement that Securicor plc, which owns 40 percent of Cellnet, a United Kingdom cellular carrier, plans to acquire Intek Global Corp., a New York- based provider of wireless communications technology.
Robert J. Shiver, chairman and chief executive of Intek, announced June 8 that a class-action lawsuit had been filed against Securicor, Intek and Intek’s board of directors, seeking “injunctive and other relief.”
The lawsuit challenges a proposal announced June 7 under which Intek Global would become a wholly owned subsidiary of Securicor, and Intek stockholders would receive $2.75 in cash for each share of Intek Global stock they own.
Securicor, which already is Intek Global’s largest shareholder, stated in its proposal that it would not increase the price it is offering all Intek Global shareholders, according to Intek.
The offer is the result of negotiations announced in January when Intek Global said it appointed an independent, ad hoc committee to evaluate any proposal made by Securicor with respect to its equity and debt interests in Intek.
Besides its minority stake in Cellnet, which has 2 million wireless subscribers, publicly traded Securicor also is involved in wireline telephony, security services and parcel and freight distribution.
