When the board of Orange 21, the publicly traded company that is Spy Optic, denied a request by No Fear Retail to merge businesses we thought this would be over.
Now No Fear Retail has sent another letter outlining why it thinks the board is doing Orange 21 shareholders a disservice by not considering the deal. Here’s a piece of it:
Frankly, we have been surprised by the manner in which the process has been handled to date, given the Board’s fiduciary responsibilities to act in the best interests of Orange 21’s stockholders. No rationale was provided in the Company’s November 4th 8-K filing for the Board’s decision to not pursue negotiations nor was any rationale communicated directly to No Fear Retail. This lack of communication is especially disappointing given the fact that No Fear Retail is one of Orange 21’s largest customers. We hope the Board will reconsider our proposal and enter into meaningful negotiations regarding a merger of the two entities for the benefit of Orange 21’s stockholders. Time is critical in the current climate and, given our understanding and historical involvement in the business, we stand ready to move quickly to negotiate and close a transaction.”
[Link: Market Watch]
