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Pomeroy gets third bid from founder

February 23 2009

Pomeroy IT Solutions Inc. (NASD: PMRY) said Friday its founder and largest shareholder, David Pomeroy, made a third bid to acquire the firm. The bid offers $4.50 for all shares not already owned by Pomeroy. The company said it formed a special board committee to review the proposal.

"I firmly believe that it would be in the best interests of the shareholders and employees of Pomeroy IT Solutions Inc. for Pomeroy to cease being a public company," Pomeroy wrote in a letter filed with the U.S. Securities and Exchange Commission. "That conviction has been increased by the changes in the economy, the stock market and the company over the past six months."

Last year, Pomeroy partnered with Charlesbank Equity Fund VI for a $7.05 per share offer, and later joined with ComVest Financial for $6 per share deal. Both of those proposals fell through.

Pomeroy will not partner with a private equity firm this time around, and will go it alone. Financing would come through GE Commercial Distribution Finance Corp.

Pomeroy already owns 16.9% of the firm's shares.

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