After getting an unsolicited offer last week, Alteva this morning turned it down and announced it has adopted a shareholders' rights plan in its own defense. The hosted unified communications company has been restructuring, and recently made interim CEO Brian Kelley's job permanent. Not everyone is happy with how it is going however.
The bid of $8 per share in cash came in last Tuesday from Juniper Investment Company LLC, which shouldn't be confused with the routing giant Juniper Networks of course. It was contingent on various things like a definitive agreement, due diligence, receipt of financing. Juniper on the same day filed an SC-13D/A with the SEC showing its ownership of the company has passed 6% - having already been one of the major shareholders.
But in June, Juniper sent several letters to Alteva complaining about the termination of the prior CEO and COO and suggesting the company be taken private. It's likely no accident that their offer came in the day after the new CEO's job was made permanent.
Alteva was previously known as Warwick Valley Telephone Company, and its RLEC business is still a piece of the pie. However, the company has been seeking a future in hosted UC, where it has found solid growth but no profits yet.
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