USA: NPC International, Inc. announces offer from the majority shareholder for the minority interest in the company
NPC International, Inc. (Nasdaq:NPCI), yesterday announced that it has received an offer from O. Gene Bicknell, Chairman, CEO and majority stockholder, to acquire the Company through a cash merger for $11.40 per share. This offer represents a 10% premium over the Company's closing stock price today of $10.375 per share, and a 31% premium to the Company's trading price thirty days prior. The offer is contingent, among other things, upon Mr. Bicknell's ability to obtain financing on acceptable terms. Mr. Bicknell currently owns approximately 65% of the Company's shares outstanding and intends to retain all of his shares. Mr. Bicknell has further indicated that he has no interest in selling his controlling ownership position to a third party. Mr. Bicknell is being advised by Banc of America Securities LLC.
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