As expected, Yesterday Covad Communications Group Inc. (DVW, DVW message board) and Platinum Equity closed their merger transaction. All of the outstanding shares in Covad were purchased for $1.02.Earlier this week Covad Communication held a shareholders meeting where the majority approved the agreement and plan of merger pursuant to which an affiliate of Platinum Equity will acquire all outstanding shares of Covad for $1.02 per share in cash.
On the latest SEC filling dated October 30, 2007 – Covad Communications reported a $121.9 million in net revenues, $10.3 million in A-EBITDA and a net loss of $4.9 million, or a $0.02 loss per share.
Charles Hoffman, Covad president and chief executive officer had been very positive recently when commenting on Covad's fantastic recent growth in revenue. We wonder how he will get along with his new boss. We also of course hope their great performance can continue.Today we have been looking for Covad stock but already the quotes are nowhere to be found.
Reference
www.covad.com
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