Micom Delaying Offer to Buy Back Its Shares
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Micom said it will delay until April 26 an offer to buy back 9 million shares of its stock so the company can prepare and distribute with the offer its financial results for the fiscal year ended March 31.
The Simi Valley maker of computer communications equipment had announced March 30 that it plans to spend $144 million, or $16 a share, to buy the shares and that the offer would begin within two weeks of that date.
Micom plans to buy 4.8 million shares from the public. It also is buying an additional 4.2 million shares held by three dissident directors--Micom founder William A. Norred of Encino, and John M. and Sally B. Thornton of San Diego.
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