RBCN - Janel too launch a cash tender offer to acquire a 45% stake for $20 per share in Rubicon Technology

• Janel Corporation ( OTCPK:JANL ) will commence a cash tender offer to purchase up to 45% of the outstanding shares of Rubicon Technology ( NASDAQ: RBCN ) on a fully-diluted basis at $20 per share.
• The offer price represents approximately 120% premium to the company's closing stock price on the NASDAQ of $9.10 on July 1, 2022.
• Upon completion of the tender offer, Rubicon ( RBCN ) will distribute cash in the amount of $11 per share to the company’s stockholders.
• Upon closing of the tender offer, two of company’s current directors will resign and Janel will have the right to select two individuals to fill the vacancies created by the resignations.
• Subsequent to the tender closing and the Distribution, the company intends to commence the process to voluntarily delist from the Nasdaq Stock Market and deregister its securities with SEC.
• "After careful and thorough analysis, together with the advice of our advisors, the Board has endorsed this transaction as being in the best interest of Rubicon’s stockholders," said Timothy E. Brog, the Company’s Chief Executive Officer. "We are pleased that the combined tender offer and subsequent distribution of cash to our stockholders will provide stockholders a significant premium to the current market price, while also enabling investors to retain equity in the Company and participate in its future direction."
• Tender offer is anticipated to commence within the next 10 business days, with the closing anticipated to be approximately 30 days thereafter.

For further details see: