TROY The former bankrupt digital document company Lason will be acquired for $30 million by an affiliate of New York-based Charterhouse Group if Lasons stockholders approve the pending deal.
Under the proposed agreement, announced Monday, Charterhouse would acquire 100 percent of the 30 million shares of Lasons common stock for $0.125 per share and retire much of Lason’s current debt.
Lasons management is expected to continue operating the company after the transaction closes and will have an ownership interest in the Charterhouse affiliate. Completion of the transaction is subject to certain closing conditions, including the approval of holders of a majority of Lason’s outstanding common stock. The transaction is expected to close during the third quarter of 2004.
“We look forward to our new partnership with Charterhouse and working together to continue building the company through our strong domestic and global footprint in the business process outsourcing marketplace, said Lason CEO Ronald Risher.
Risher added the recapitalization of Lason will give the company financial stability and a platform required to execute its long-term business plan.
Lason emerged from Chapter 11 bankruptcy protection in July 2002. In April 2003, three former senior executives at Lason were charged with conspiracy to commit fraud and lying to the U.S. Securities and Exchange Commission.
The indictment named Gary Monroe, Lason former CEO; William Rauwerdink, former board chairman; and John Messinger, who was president and COO. All three held their posts between 1997 and 2000. Lason is a digital document imaging company based in Troy.
