Investor Talks to ABI About Seeking Control

An investor who owns 5.4% of American Businessphones Inc. is interested in acquiring the Irvine-based telephone company, according to a Securities and Exchange Commission filing.

Jean Stiegemeier said he met with ABI President Frank J. Feitz on June 15 to discuss acquiring either a controlling interest or all the stock of ABI. Stiegemeier did not disclose a price, according to the filing.

ABI’s shares rose $1.50 Monday to close at $10.375, up 16.9%. The stock was the third largest percentage gainer on the American Stock Exchange.

Acquiring a controlling interest in ABI would be difficult without the consent of ABI management, which owns 48.5% of the company’s shares. Feitz, a company founder, controls about a third of the company.

Determining Price

Feitz could not be reached for comment Monday evening.

Stiegemeier said in the filing he is in the process of determining what price, if any, he would offer for ABI’s shares.

ABI distributes and services telephones for small- and medium-size businesses.

Last December, the Irvine firm had agreed to be acquired by a Connecticut company that manufactures most of the equipment ABI sells. But ABI broke off its agreement with TIE/Communications after ABI’s investment banker determined that the merger was not in the best financial interest of ABI stockholders.