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Commercial banks

Beverly Hills Bancorp Rejects Sale of Tigera Group, Inc. Stock, Considers Alternate Acquisition Proposals

Strategic Insights

— 1 min read

Beverly Hills Bancorp, a financial institution based in California, held its annual meeting on June 1, 1995, where shareholders voted against selling their holdings in Tigera Group, Inc. However, prior to the meeting, the bank received an offer from Qualis Care L.P. to acquire the shares for a higher price. This development is part of a larger discussion surrounding the potential sale of the bank's shares, including a proposed tender offer by Qualis. The bank has also scheduled a vote on a Plan of Complete Liquidation and Dissolution, which will be held on July 10, 1995.

Key Takeaways:

  • Beverly Hills Bancorp voted against selling their holdings in Tigera Group, Inc. stock to Forschner Enterprises, Inc. for $4,076,400.
  • Qualis Care L.P. made an offer to buy the shares of Tigera Group, Inc. stock for $4,266,000, or $.90 per share, before June 30, 1995.
  • Qualis proposed a tender offer for 367,349 shares at the greater of $5.00 per share or an amount determined by a reputable investment banking firm.
  • The proposed acquisition involves buying shares not owned by Albert Zlotnick, the Estate of Sirak M. Baloyan, and other directors.
  • Qualis also expressed interest in acquiring all outstanding shares of Beverly Hills Bancorp's common stock.
  • The bank has scheduled a vote on a Plan of Complete Liquidation and Dissolution, set to take place on July 10, 1995.

Statistics:

  • 4,740,000 shares of Tigera Group, Inc. stock held by Beverly Hills Bancorp.
  • $4,076,400 - the sum offered by Forschner Enterprises, Inc. to buy the shares.
  • $4,266,000 - the sum offered by Qualis Care L.P. to buy the shares.
  • $5.00 per share - the price offered by Qualis for the tender offer.
  • 561,834 shares - the number of shares not owned by Albert Zlotnick.
  • 239,579 shares - the number of shares held by the Estate of Sirak M. Baloyan.
  • 25,670 shares - the number of shares held by other directors.
  • June 30, 1995 - the deadline for Qualis to make an offer to buy the shares.
  • July 10, 1995 - the date of the scheduled vote on the Plan of Complete Liquidation and Dissolution.

Sources:

  • PRNewswire, "Beverly Hills Bancorp Rejects Sale of Tigera Group, Inc. Stock, Considers Alternate Acquisition Proposals" (June 5, 1995)
  • Beverly Hills Bancorp, annual meeting minutes (June 1, 1995)
  • Qualis Care L.P., letter to Beverly Hills Bancorp (date not specified)

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