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Pomeroy founder raises acquisition price

June 22, 2009

The founder of Pomeroy IT Solutions Inc. (NASD: PMRY) raised the price he will pay to buy the firm to $6 per share from $5.02 a share, the company announced today. The deal values the company at $59.2 million, the firm said. Founder David Pomeroy II already owns more than 17% of the company.

Pomeroy agreed to pay more after another firm entered bids to acquire Pomeroy IT Solutions after the founder announced his intention to repurchase the company in May.

The board unanimously approved an amendment for the new purchase price with the exception of Pomeroy, who is also a board member, who abstained from the vote.

The acquisition has spurred two shareholder lawsuits, according to earlier filings with the U.S. Securities and Exchange Commission. Pomeroy IT Solutions said both suits are without merit and that it will defend itself.

Hebron KY-based Pomeroy IT Solutions provides information technology services and staffing.