Tengasco Inc.’s (NYSE MKT: TGC) board of directors has unanimously rejected the unsolicited tender offer from ICN Fund I LLC to acquire all of the outstanding shares of the company for $0.2736 per share.
As a result of a review and analysis, the board determined that the offer is not in the best interests of the company’s stockholders. Accordingly, the board recommended that the stockholders reject the offer and not tender their shares to ICN for purchase pursuant to the offer.
As of June 26, Tengasco’s directors and officers as a group owned 20,907,878 outstanding shares, representing 34.36% of the total number of the Company’s outstanding shares. All of Tengasco’s directors and officers holding shares have advised the company that they do not intend to tender any of their shares in response to the offer.