Detwiler, Mitchell & Co. Announces Expiration of Formal Merger Offer - Management Group Maintains Interest in Cash-Out of Minori
November 26 2004 - 3:12PM
PR Newswire (US)
Detwiler, Mitchell & Co. Announces Expiration of Formal Merger
Offer - Management Group Maintains Interest in Cash-Out of Minority
Stockholders BOSTON, Nov. 26 /PRNewswire-FirstCall/ -- Detwiler,
Mitchell & Co. (OTC Pink Sheets Quotation Service: DMCD)
announced today that the offer from DMFG Acquisition Corp., a
private entity formed by an acquisition group comprising members of
the executive management of DMC and the key personnel of its wholly
owned subsidiary, Detwiler, Mitchell, Fenton & Graves, Inc.,
had expired on November 24, 2004. The executives have indicated to
the Special Committee of Independent Directors formed by the DMC
Board that they continue to have interest in a transaction by which
the minority interests in DMC would be acquired for cash. The
Special Committee will work with its advisors to determine whether
such a transaction would be in the best interest of the minority
stockholders of DMC. Detwiler, Mitchell & Co. ("DMC") is the
holding company for its three principal operating subsidiaries:
Detwiler, Mitchell, Fenton & Graves, Inc., a channel research,
institutional sales and private client group broker/dealer
headquartered in Boston, MA; James Mitchell & Co., a financial
services company headquartered in San Diego, CA and Detwiler,
Mitchell & Co. (UK) Limited, an institutional sales firm
headquartered in London, England. For more information on DMC,
please go to our website at http://www.dmcos.com/ . Cautionary
Statement Regarding Forward-Looking Statements: Certain statements
in this news release may contain forward-looking statements within
the meaning of the Federal securities laws. Such statements should
be considered in light of the risks and uncertainties associated
with Detwiler, Mitchell & Co. and its operating subsidiaries,
including those economic and market risks contained in the
Company's Annual and Quarterly Reports and other risks prevailing
from time to time; all of which are subject to material changes and
may cause actual results to vary materially from what had been
anticipated. DATASOURCE: Detwiler, Mitchell & Co. CONTACT:
James Mitchell, Chairman and CEO, +1-617-747-0180, or James Graves,
COO, +1-617-451-0100, both of Detwiler, Mitchell & Co. Web
site: http://www.dmcos.com/
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