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Pomeroy IT Solutions to concentrate on operating plan following completion of strategic review
By Lisa Kerner
Charlotte, N.C., Oct. 20 - Pomeroy IT Solutions Inc.'s special committee has completed its review process, including the review of director David Pomeroy II's unsolicited proposals.
The committee decided to cease all further special committee activities and focus on Pomeroy IT Solutions' execution against its operating plan, a company news release said.
As previously reported, Pomeroy withdrew the joint proposal he made to acquire the company along with his ComVest Investment Partners III LP.
Pomeroy said he does not intend to seek out another financial partner or alternative financing for a possible transaction, according to the release.
On May 22, the company said that its board had received a letter from Pomeroy, its founder and largest stockholder, proposing to acquire with ComVest all of the outstanding common stock of the company not owned by him for a price of $6 per share.
Pomeroy IT Solutions is a Hebron, Ky.-based provider of information technology services.
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