An investor group wants Quicksilver Resources Inc. to review strategic alternatives. Quicksilver Energy LP, which is controlled by members of the Darden family, sent a letter to the oil and gas explorer. The letter mentioned the option of taking the Fort Worth, Texas-based company private. Quicksilver Energy said another shareholder, SPO Partners & Co., has expressed an interest in receiving nonpublic information and about starting talks about options. Quicksilver Resources, which needs to amend its shareholder rights plan to allow the two parties to start discussions, formed a committee to consider any proposal from the investor group proposes and any other alternative.
Dover Motorsports Inc.’s (NYSE: DVD) received a letter from its second largest shareholder (Marathon Partners LP) after the Delaware-based promoter of motorsport events and Dover Downs Gaming & Entertainment Inc. cancelled their merger plans. The two companies that sought a business combination are both led by Henry Tippie. Marathon Partners wants Dover Motorsports to hire a nationally recognized investment bank to help with the exploration of strategic alternatives, including a full auction process. It also wants Dover Motorsports’s board to immediately name two independent directors recommended by the company’s unaffiliated shareholders.
Digital Angel Corp.’s board has hired AgriCapital Corp. to provide advice on the South St. Paul, Minn.-based company’s review of alternative strategies. In late September, Digital Angel’s directors rejected PositiveID Corp.’s unsolicited 60 cents-a-share offer and called the acquisition bid inadequate. For the second quarter, Digital Angel’s losses from continuing operations widened to $3 million from $2.7 million a year earlier. Revenue also fell to $8.7 million from $10.3 million. Digital Angel makes animal and emergency identification products with applications in areas such as livestock identification and military search and rescue beacons.
Saratoga Electronic Solutions Inc.’s directors initiated a review of strategic alternatives, including the possible sale of the entire the Montreal, Quebec-based company. The board formed a special committee to manage the process and it hired KPMG Corporate Finance Inc. as a financial adviser to help with the process. Saratoga Electronic has two lines of business. The company operates a network of ATMs in Eastern Canada. It also provides long-distance calling cards and other types of prepaid products. Saratoga Electronic doesn’t plan to discuss developments with the review, unless its board approves a specific deal or concludes the process.