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BRIEF-ARC Document Solutions Says Received Non-Binding Proposal From Co's Chairman And CEO Kumarakulasingam Suriyakumar
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BRIEF-ARC Document Solutions Says Received Non-Binding Proposal From Co's Chairman And CEO Kumarakulasingam Suriyakumar
Jul 1, 2024 7:37 AM

July 1 (Reuters) - ARC Document Solutions Inc ( ARC ):

* ARC DOCUMENT SOLUTIONS INC ( ARC ) - RECEIVED NON-BINDING PROPOSAL

ON

APRIL 8, FROM CO'S CHAIRMAN AND CEO KUMARAKULASINGAM SURIYAKUMAR

* ARC DOCUMENT-PROPOSAL OUTLINING SURIYAKUMAR'S INTENT TO

EXPLORE,EVALUATE POTENTIAL ACQUISITION OF CO IN GOING-PRIVATE

TRANSACTION AT $3.25/ SHARE

* ARC DOCUMENT - ON JUNE 27, ACQUISITION GROUP AGREED IN

PRINCIPLE

THAT THEY WILL WORK WITH EACH OTHER TO NEGOTIATE AND CONSUMMATE

PROPOSED TRANSACTION

* ARC DOCUMENT SOLUTIONS ( ARC ) - ACQUISITION GROUP CURRENTLY

BENEFICIALLY OWNS ABOUT 19.6% OF CO'S OUTSTANDING SHARES OF

COMMON STOCK

* ARC DOCUMENT SOLUTIONS ( ARC ) - IN RESPONSE TO PROPOSAL, ON APRIL

8,

SPECIAL COMMITTEE OF BOARD WAS FORMED TO REVIEW, EVALUATE

PROPOSED TRANSACTION

* ARC DOCUMENT SOLUTIONS INC ( ARC ) - SPECIAL COMMITTEE INTENDS TO

CAREFULLY CONSIDER PROPOSED TRANSACTION

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