CEO to Buy En Pointe Technologies

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En Pointe Technologies Inc., a Gardena business-to-business software firm, said it has agreed to be acquired by a company owned by its chief executive Attiazaz “Bob” Din and his family.

Din Global Corp will pay En Pointe shareholders $2.50 per share in cash, representing a 212 percent premium over the 80 cents per share closing price of its common stock on Wednesday. Din, his wife Naureen, and other family members control 26 percent of En Pointe’s shares.

The agreement contains a “go-shop” provision in which a special committee of independent directors has the right to solicit superior bids from third parties for approximately 30 days.

Din, who co-founded En Pointe in 1993, made an offer in 2003 to buy the company and take it private for 70 cents a share, but later withdrew the offer. No reason was given at the time, according to new reports.

En Pointe, which targets mid-size businesses and government agencies in a highly competitive market, provides IT professional services that can include computer hardware, proprietary software and information security.

The company last month reported a net loss of $392,000 in its fiscal first quarter compared with net income of $43,000 a year ago. Net sales fell 37 percent to $54.9 million, reflecting the loss in business after the company sold a unit last July.

Its share price had fallen 68 percent in the last 52 weeks prior to the acquisition announcement. The company said last month it had been working with Nasdaq officials to continue meeting the stock market’s listing requirements.

En Pointe shares closed up $1.44, or 180 percent, to $2.44 on Thursday.

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