CNE(.21) - Merging with much larger company, getting 4% of merged entity....should move the stock higher.
Market Pulse: CNE Group announces merger deal with Arrow Resources
Tuesday August 2, 8:59 am ET
WASHINGTON (MarketWatch) -- Wireless products developer CNE Group, Inc. said Tuesday it has reached a deal to merge operations with New York-based Arrow Resources Development Ltd., subject to stockholder approval. The stockholders of CNE Group Inc. will receive 4% of the public company, while stockholders of Arrow will receive the remaining 96%, the company said. The merger agreement replaces an earlier announcement by CNE's board of directors that they had approved a spin-off to its stockholders of Arrow Resources, a recently formed subsidiary. Arrow, a Bermuda registered company, is launching commercial development of timber resources and a eucalyptus plantation operation in Papua, New Guinea. |
