CPEX, Arcadia Capital Advisors LLC deal

Arcadia Capital began a tender offer to acquire CPEX for $16 per share, which would value the company at $40.7 million, based on 2.5 million shares outstanding at March 24. At Feb. 22, Arcadia already owned 9.98% of CPEX. The price is a 42% premium to CPEX's close of $11.25 on Jan, 7, the day before the private equity firm's original $14 per share proposal became public. The CPEX board of directors advised shareholders to take no action at this time. It is reviewing the decision. ...