GREY:XEBEQ - Post by User
Post by
ZouZS3on Oct 04, 2022 3:50pm
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Post# 35004986
76 investors and acquirers and no one was interested
76 investors and acquirers and no one was interested
76 potential targets were solicited and received a teaser letter, including 47 potential investors and 29 potential strategic acquirers; and 14 potential targets signed a confidentiality agreement giving them access to the virtual data room to advance their due diligence process. It resulted in the receipt by Xebec of only 1 nonbinding LOI for the purchase of XBC Flow Services, the brand encompassing the Xebec Groups U.S. Cleantech Service Network and industrial product sales and distribution activities. NBF and its other advisors, determined that the LOI was not a viable solution. Throughout all of its financing efforts, from the fall 2021 until September 2022, Xebec, directly and through its financial advisors, remained in close communication with key stakeholders in order to assess whether they may have an interest in an investment or transaction with the Company in some capacity. Certain key stakeholders engaged in ongoing due diligence and discussions with management and NBF, but recently confirmed that they would not be prepared to proceed at this time.