sold the site to Sterling Town Equities for $310 per buildable square foot, for a total sale price of $1,550,000.
While neither Morea nor Timothy King, a CPEX
principal, said they know why there was a 17-month gap in retail representation, Morea said it was likely that the development team waited for more residential units to sell before rehiring a new commercial team.
Prior to joining CPEX
, Vice was a Principal with Energy Management Associates for five years, providing consulting services to energy firms.
RBC Capital Markets, LLC and Goodwin Procter LLP served as financial and legal advisors, respectively, to CPEX
With regards to CPEX
's press release, Nathaniel August, Director of Mangrove Partners, remarked, "We are disappointed that CPEX
continues to spend stockholders' money on overnight mailings and PR firms to support a merger which we believe undervalues CPEX
As previously announced, CPEX
and FCB entered into a definitive merger agreement on January 4, 2011, under which FCB will acquire all of the outstanding common stock of CPEX
Mangrove also notes that Glass Lewis, a leading independent proxy advisory firm, has recommended that stockholders vote against the Footstar offer for CPEX
defended the deal in a statement, saying the agreement "is the result of a thorough and rigorous eight-month process.
As detailed in their public filings, CPEX
and Auxilium are engaged in a pending patent infringement lawsuit against Upsher-Smith Laboratories, Inc.
Mangrove Partners has no current intention of proposing a control transaction for CPEX
or of nominating any candidates to CPEX
's Board of Directors.
A subsidiary of a bankrupt New Jersey shoe company has agreed to buy CPEX
Significant Premium - The transaction price represents a 142% premium over the price of CPEX
shares on January 7, 2010, the day prior to the date a third party publicly stated its intention to make an unsolicited offer for the Company, and a premium of approximately 12% over the 60-trading day average closing trading price of CPEX
's shares on the date prior to the announcement of the merger.