Interstate National Dealer Services Could Go Private
Interstate National Dealer Services, Inc.(ISTN), a provider of motor vehicle service contracts and warranties, said on June 3 that senior executives Chester and Cindy Luby have proposed taking the company private, according to a Reuters report.
The proposed transaction would be structured as a merger with a new corporation to be formed for that purpose and calls for stockholders to receive $6.00 per share. Interstate National Dealer Services stock closed on the Nasdaq on June 3 at $4.63.
The board of directors has appointed a special committee of non-management directors to review the transaction proposed by CEO Chester Luby and COO Cindy Luby.
The proposed transaction would result in the acquisition of all the outstanding shares of common stock of the company other than a portion of the shares owned or controlled by the Luby family, according to Reuters.
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