Kyzen to Zestron: We're Not for Sale
Published: 22 February 2006
by Staff
NASHVILLE – Calling it “surprising,” Kyzen Corp. on Wednesday rejected an unsolicited yet public bid for the maker of cleaning products by Zestron Corp.
Earlier today, Zestron had announced its interest in purchasing Kyzen, reportedly offering a premium to shareholders of the Nashville-based cleaning products provider.
In a statement issued Wednesday evening Kyzen chief executive and president Kyle J. Doyel said the firm “has not solicited, nor has it directed management to solicit, offers from any party or have discussions regarding a potential sale.”
In a statement issued Wednesday evening Kyzen chief executive and president Kyle J. Doyel said the firm “has not solicited, nor has it directed management to solicit, offers from any party or have discussions regarding a potential sale.”
“Zestron has provided no details to Kyzen’s board or management regarding any ‘offer,’ Doyel said, “which is surprising to us in light of Zestron’s announcement to certain trade publications, which seems intended to create uncertainty in our marketplace.”
Earlier in the day, Zestron had issued a statement indicating its desire to purchase Kyzen.
Both companies are privately held.
In a press release, Zestron emphasized its desire to negotiate a transaction with the support of Kyzen’s board of directors. Zestron chairman Dr. Oskar K. Wack stated that combining the companies “presents an excellent business fit in terms of manufacturing capabilities, distribution and the ability to service the companies’ combined customer base.”
In a press release, Zestron emphasized its desire to negotiate a transaction with the support of Kyzen’s board of directors. Zestron chairman Dr. Oskar K. Wack stated that combining the companies “presents an excellent business fit in terms of manufacturing capabilities, distribution and the ability to service the companies’ combined customer base.”
Kyzen's Doyel responded by saying, “Kyzen continues to implement and refine its long-term strategic plan. The success of that plan is evidenced by our record revenues for calendar year 2005, as reported in our earnings release issued today. Kyzen’s balance sheet is solid, and management continues with our efforts to enhance shareholder value.
“We believe it is important for our shareholders, customers, employees and suppliers to understand that, although our board will thoroughly review any reasonable offer, Kyzen is not for sale.”
“We believe it is important for our shareholders, customers, employees and suppliers to understand that, although our board will thoroughly review any reasonable offer, Kyzen is not for sale.”
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