Local Company Buys All MT Stock
(cont'd from above)
Metro City Times’ owner Robert “Bull” Hanover said that the IPO “went off without a hitch.” Hanover will retain 51% of the stock of the Metro City Times and the Metro City Acquisition Corp will retain the other 49% of the stock.
Such a move by an organization like the Metro City Acquisitions Corp could be seen as an attempt to take over the Metro City Times, said Jean Scotts from Scotts and Taylor, another leading newspaper broker in Metro City.
Hanover was quick to respond that such a takeover is not possible within the guidelines of the IPO, which ensures that Hanover and his successors will retain control of the newspaper.
“Look, I am not stupid people, I have been in this business for a long time,” said Hanover. “It is next to impossible to get anything past me and this paper is what I live for, I would never let someone else run it.”
According to the office of the Secretary of State, the Metro City Acquisition Corp’s chairman is Oliver Vistroic, who also is the Chairman for the First National Bank, which has branches in various states including one in Metro City.
In a prepared statement emailed to news outlets, Vistroic said, “We are very excited to be part of the Metro City Times. The Metro City Acquisition Corp plans to help preserve and support what has become a staple in Metro City.”
The prepared release offered no explanation as to why the acquisition group placed such a high value on the paper. Repeated attempts to reach Vistroic by phone and at his office were unsuccessful.
The Metro City Times’ stock went public last week in a first initial public offering. The IPO was supposed to be a quiet affair at the Metro City Stock Exchange, however that all changed when the Metro City Acquisitions Corp offered to buy all the stocks that the Times had on the market.
Jameson, Dans and Victors handled the initial offering. The Metro City Acquisitions Corp made the highest offer on the stock at the end of the day and was granted the respective shares.
“We were happy to learn that a group had expressed interest in the Metro City Times,” said Dean Jameson. “During the day the IPO was scheduled on, the stock started at $13 a share, but increased by 45% over the initial offering per share, when the day closed the Metro City Acquisition Corp had purchased all shares.” (cont'd below)
The Metrocity Times - Bloom of the Stogie City
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