I (we) are trying to acquire a greater percentage stake in a formerly public company. We currently have a significant control position, but would like to sell the company and require over 90% equity stake to not have to deal with sign-offs from the many disparate shareholders. There are no significant (i.e. greater than .2%) shareholders remaining EXCEPT for "Cede & Co. Depository Trust", which holds around 10%. As far as I can tell, "Cede & Co. Depository Trust" simply represents shares held in street name. My question then is how to track down where these shares are held to potentially acquire the shares we need to get over the 90% equity threshold. I know this is pretty specific but figured I would throw it out there in case any of you guys have some ideas or experience in how to run this down. Thanks in advance!
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Usually I've seen activists put out noisy press releases in a situation like this. Make a formal tender offer and you'll get to send a proxy to all the retail holders. Might be easier to just try to bid for the company outright, if you control it you're in touch with the BoD already. You need a fairness opinion obviously but you should be able to at least make an offer to the minorities.
Thanks tempaccount. We are concerned one or two disparate shareholders may throw a wrench in the sale if we do a tender offer. According to our counsel, it sounds like we're in the clear to sell outright if we pass that 90% equity threshold. Trouble is, I don't know how to locate the shares listed in street name. Any idea how to do that?
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