Asante going private, changing to VAR focus
Asante Technologies released news today that it has agreed to be taken private by Oblique, Inc . Oblique is an "acquisition company" created and led by one of Asante's former Vice Presidents of Sales and Marketing, James L. Volkmar.
The buyout is valued at approximately $5M, with Asante stockholders expected to receive up to approximately $0.50 cash per share with about 45 cents when the deal closes in the "third or early forth calendar quarter", plus about another 5 cents to be distributed no later than March 31, 2004. Asanté's stock will be delisted from the Nasdaq OTC Bulletin Board as a result of this transaction.
Asante's release indicated that the new owners will concentrate on selling to the reseller, VAR and integrator channels versus retail consumers.
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